• Germany's news in English
 
app_header_v3

Deutsche Bank gets €725 million Libor fine

The Local · 4 Dec 2013, 16:27

Published: 04 Dec 2013 16:27 GMT+01:00

Deutsche Bank was fined the largest amount by the commission which handed down a decision in the Euribor and Libor interest rigging scandal, involving the Royal Bank of Scotland, Citi Group, Société Générale and JPMorgan

Barclays and UBS were spared fines after alerting authorities to the scandal which saw the banks act as a cartel to rig the interest rate benchmarks, Euribor and Libor..

The German banks fine was broken down into one of €465m for taking part in euro market rigging and another €260 million for that of the Japanese Yen, the Süddeutsche Zeitung reported.

The money will come out of the €4 billion Deutsche Bank has set aside for paying fines.

“The decision today is a clear signal that the commission is resolute in its fight against cartels in the finance sector,” said EU commissioner responsible for competition Joachin Almunia.

Story continues below…

As well as Deutsche Bank, France's Société Générale must pay €466 million and the Royal Bank of Scotland €391 million. 

READ MORE: Deutsche Bank profits collapse by 94 percent

For more news from Germany, join us on Facebook and Twitter.

The Local (news@thelocal.de)

Your comments about this article

Today's headlines
Suspect arrested after Cologne-Bonn airport alarm
Police search Terminal 1 at Cologne airport with the help of a dog on Monday. Photo: DPA

A man has been arrested at Cologne-Bonn airport after a security alert forced police to evacuate all passengers.

North and east Germany next to face fierce storms
A storm in Brandenburg in 2015. Photo: DPA

The German Weather Service (DWD) has issued a weather warning for the north and east of the country, after the west and south took a battering over the weekend.

Granny, 91, walks away after falling under express train
Photo: DPA

An old lady had a miraculous escape in northern Germany when she was run over by a train travelling at 160 km/h. She only suffered light injuries.

Opinion
Battle over Boateng unmasks the racism of the AfD
Jerome Boateng wearing the stand-in captain's armband at a Sunday friendly against Slovakia. Photo: DPA

Berlin-based journalist Musa Okwonga argues that the row over national footballer Jerome Boateng shows the AfD is a racist party - not the defenders of European culture they claim to be.

Three dead as floods wreak havoc in southern Germany
Photo: DPA

At least three people have lost their lives as extreme weather, including flash floods, hail storms and lightning storms wreaked havoc in southern Germany on Sunday evening.

German populist party in race row over Boateng remarks
Boateng, who has a Ghanaian father, was born and brought up in Berlin. Photo: DPA

A leading member of the right-wing populist Alternative for Germany (AfD) party sparked outrage Sunday after making racist remarks about national football team defender Jerome Boateng.

Dozens hit by lightning strike in west Germany
Witnesses to the lightning strike said it came out of the blue. Photo: DPA

35 people were injured in the west German village of Hoppstädten when lightning struck the pitch at the end of a children's football match.

Dresden 'most woman-friendly’ city in Germany
Photo: DPA.

Sorry Berlin, you're not the most progressive city for women, according to a new report.

The future belongs to these 10 German regions
This east German city won the 'most improved' category. Photo: DPA

A new study shows that one city above all will dominate the future of Germany, but if you're canny you might still want to think about moving to Leipzig or Erfurt.

Fugitive ex-terrorists 'on huge crime spree' in north Germany
(L-r): ex-RAF members Volker Staub, Daniela Klette, and Burkhard Garweg. Photo: BKA

In their struggle against capitalism they once murdered businessmen and politicians. Now three ex-terrorists have taken to robbing supermarkets - and rather successfully, too.

Sponsored Article
Eat, learn, live: unforgettable holidays in France
National
The future belongs to these 10 German regions
Society
Pegida enraged by black children on chocolate bars
Health
New father's tragic herpes warning touches 1000s online
National
Bayer's Monsanto takeover would be 'diabolical': environmentalists
Lifestyle
10 fascinating facts you never knew about Berlin
Politics
MP recites explicit Erdogan bestiality poem on live TV
National
China beats Germany in readiness to help refugees
Hamburg
The headless sex doll that put Lübeck police on high alert
National
Pensioner claims to have found hidden Nazi nukes
Business & Money
Here's why Munich is worth 20 times more than Berlin
Culture
Five sure-fire ways to impress Germans with your manners
Lifestyle
6 things about Munich that will stay with you forever
Technology
Church plans to connect with faithful at Wi-Fi 'Godspots'
Technology
Online hate speech can cost users thousands of Euros
Society
Bavarians in rush for non-lethal weapons licenses
Sport
Here's Germany's Mannschaft for Euro 2016
Culture
The Syrian pianist playing his way into Germans' hearts
The parrot who flew fast enough to trigger a speed camera
Technology
New law could let free Wi-Fi bloom across Germany
Politics
Berlin's plans to beef up the German army
Sport
Lufthansa's Euro 2016 ad takes aim at England
7,827
jobs available
Toytown Germany
Germany's English-speaking crowd