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

 |  December 8, 2013

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.

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

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