EU fines adds banks for interest rate manipulation

EU flagEU flag. Photo. Norway Today media

Large banks Crédit Agricole, HSBC and JPMorgan Chase have been fined 4.3 billion by the European Commission for illegally having agreed to lock interest rates on certain types of loans.

EU Competition Commissioner Margrethe Vestager informs that the three banks have collaborated on interest rates on certain types of loans affiliated with the reference rate for the Eurozone (Euribor) and exchanged sensitive information in violation of EU competition rules.

JPMorgan Chase is being fined 337 million euros, the French Crédit Agricole has received a fine of 114 million euros and London-based HSBC has received 33 million euros in fines.
The illegal cooperation took place in the period from September 2005 to May 2008, according to Western Villager.

– Banks must respect EU competition rules in the same way as all other companies in the EU internal market, she says.

Banks Barclays, Deutsche Bank, RBS and Societe Generale also contributed in cartel activities, but in December 2013 agreed on a settlement with the European Commission.

 

Source: NTB scanpix / Norway Today

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