Top Leaderboard 728x90 Advertisement Space

Advertising on Insights is good for you.

Monday, July 30, 2012

Exclusive: Several banks seek leniency in EU Euribor probe - sources

Market "rigging" under the pretense of national security and public protection is wide spread and far-reaching.  Expect this and similar investigations largely ignored by mainstream media to be quietly swept under the rug as fast as possible to protect confidence.

Headline:  Exclusive: Several banks seek leniency in EU Euribor probe - sources

BRUSSELS (Reuters) - Several banks under investigation for suspected rigging of euro interest rates have joined Deutsche Bank in giving information to EU antitrust regulators in the hope of lower fines if they are found guilty, two people familiar with the matter said on Monday.

The European Commission is investigating possible manipulation the Euro Interbank Offered Rate (Euribor) benchmark rate at which banks lend in euros to each other.

The EU watchdog has not disclosed the names of the banks being investigated. They face fines of up to 10 percent of their global revenues if found to have breached EU antitrust rules.

Deutsche Bank, which sources say is already cooperating with the authorities, had revenues last year of 33.2 billion euros.

"Several banks have come forward with information to the Commission," said one of the sources, who declined to be identified because of the sensitivity of the matter. This person declined to provide more details.

The second person said there could be at least two banks, besides Deutsche Bank, which have sought leniency under the European Commission's scheme to encourage whistleblowers.

A total of 43 banks sit on the Euribor panel, which is hosted by the European Banking Federation. The rate is used as a reference for trillions of euros in euro-denominated loans and debt instruments.


Insights is intended to reflect excellence in effort and content. Donations will help maintain this goal and defray the operational costs. Paypal, a leading provider of secure online money transfers, will handle the donations.Thank you for your contribution