EU: Almunia’s LIBOR fines slated to reach new record next month

European Commissioner Joaquin Almunia is reportedly set to issue record-setting fines against six banks next month for their role in the manipulation of the LIBOR benchmark rate.

Royal Bank of Scotland, Rabobank and ICAP are reportedly include in the institutions that would receive the fine reports say could reach into the billions, setting a new record at at least $2.03 billion.

Reports say that in addition to the LIBOR fines – likely to be the largest from the EU – the Commission will likely issue sanctions against another group of banks for working as a cartel in the manipulation of the Euribor benchmark rates, as reported earlier this week.

Switzerland’s UBS will reportedly not be fined for its alleged participation in the LIBOR manipulation scheme under the EU’s leniency program as the bank was the first to come forward to the European Commission with information regarding the collusion, according to sources.

Full content: Chicago Tribune

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