A PYMNTS Company

Germany: Authorities push for ‘draconian’ crackdown on interest rate-setting

By  |  December 8, 2013
Germany: Authorities push for ‘draconian’ crackdown on interest rate-setting

Following the worldwide scandal of LIBOR manipulation and the recent record-setting fine issued to banks by the European Commission, top competition and financial authorities in Germany are now urging states to hold a tighter grip on how banks set such interest rates.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Germany Monopolies Commission head Daniel Zimmer called for “stricter oversight and draconian penalties” for those found to illegally manipulate the rates. Germany’s Deutsche Bank was among the banks fined a record $2.3 billion by the European Commission last week for their role in the manipulation of the LIBOR benchmark.

    Other German financial authorities, including the president of the nation’s Federal Financial Supervisory Authority Elk Koenig, called for tighter oversight of how interest rates are set.

    Full Content: Global Post

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.