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EU: Regulators work to issue LIBOR fines by year’s end

By  |  April 9, 2013
EU: Regulators work to issue LIBOR fines by year’s end

The European Commission has announced that the regulator will attempt to issue fines against banks accused of manipulating the LIBOR benchmark interest rates by the end of the year, according to two sources. The Commission will fine those whose rate manipulation was tied to the euro and yen currencies. According to reports, several banks are additionally looking to settle with the Commission by as early as October; according to one expert, Commissioner Joaquin Almunia will need to settle with the banks if he wishes to see the LIBOR cases resolved before the end of his term next year. Without a settlement, the lengthier method to finalize fines could take as much as four years to complete.

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