Advertisement

Deutsche Bank gets €725 million Libor fine

Share this article

Deutsche Bank gets €725 million Libor fine
Photo: DPA
16:27 CET+01:00
Germany's biggest bank has been fined a record €725 million for rigging interest rates. It was one of several banks fined a total of €1.7 billion by the European Union Commission on Wednesday.

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.

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

Share this article

Advertisement

From our sponsors

Why Lucerne is a summer paradise for career discovery

You may think Switzerland is all about winter holidays. But it's also a summer paradise with the power to transform your career thanks to outstanding programmes from Swiss Education Group.

Advertisement
Advertisement
8,600 Jobs
Click here to start your job search

Latest headlines

Advertisement
Advertisement

Popular articles

Advertisement
Advertisement