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France: Bank refuses Euribor settlement

By  |  November 7, 2013

France’s third-largest bank has reportedly refused to settle with the European Commission over a case alleging the manipulation of Euribor benchmark rates.

Credit Agricole said in a conference call that it “refused the idea of a settlement because it would have put into question” the bank’s responsibility.

The remarks were made by the bank’s CEO Jean-Paul Chifflet.

Regulators are probing several banks over allegations of the Euribor manipulation; HSBC Holdings exited settlement talks earlier this month.

Banks that agree to a settlement are offered a 10 percent reduction in fines for admitting collusion.

Full content: Bloomberg

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