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EU Commission hits three more banks for LIBOR scandal

EU Commission hits three more banks for LIBOR scandal
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Three banks have been fined by the EU Commission for their role in the LIBOR scandal, during which inter-bank interest rates were fixed.

JPMorgan, UBS and Credit Suisse will pay 94 million euros, with JPMorgan paying over two-thirds of the total. RBS, which informed the European executive of the wrongdoing, will pay nothing.

The fine was much smaller than the record 1.7 billion-euro blockbuster imposed on six banks for the same illegal deals at the end of last year.

“Both decisions are based on a settlement with the banks, who recognised their involvement and in exchange received a reduction of 10 percent of their respective fines. This allowed the Commission to conclude the investigations through a quicker procedure. The fines are based, in particular, on the value of sales of the relevant products and the duration of the infringements,” said the Competition Commissioner Joaquin Almunia.

The offences concerned illegal agreements over manipulations in the exchange rate of the Swiss franc, from March 2008 to July 2009.

The Commission said it will continue to pursue any market or price-fixing practices.