EU raids banks over claims of interest rate manipulation
Thursday 20 October 2011
European investigators have raided banks in London to seize financial documents as part of a widening investitgaion throughout Europe into alleged manipulation of interbank lending rates.
Royal Bank of Scotland received a visit from European Union officials early on Tuesday morning as part of an inquiry into companies active in derivatives linked to the Euribor, a key short-term reference rate for banks lending to each other in the EU money markets.
Deutsche Bank was also the subject of raids in London, while Barclays is expecting a visit, a source close to the situation said. All three banks declined to comment and the European Commission did not name those involved. The EC said: "The commission has concerns that the companies concerned may have violated EU antitrust rules that prohibit cartels and restrictive business practices."
A spokeswoman for the European Union competition commissioner, Joaquin Almunia, declined to say how many banks were involved or where the raids took place. Further raids are expected, however. "Inspections are always the first step," the spokeswoman added.
Euribor is set daily by 44 banks active in the eurozone interbank market. This week's raids follow year-long investigations by the US, Japan and Europe into alleged bank collusion during the financial crisis over the London interbank offered rate, Libor – the most widely used reference lending rate.
- 1 Rarest Beanie Baby bought for just £10 at car boot sale could be sold for £62,500 on eBay
- 2 Katie Hopkins and The Sun editor David Dinsmore reported to police for incitement to racial hatred following migrant boat column
- 3 Parma, Missouri: 80 per cent of town's police quit after first black mayor is elected
- 4 Australian student Tommy Connolly, 23, adopts his pregnant, homeless 17-year-old cousin to give her a chance at 'a better life'
- 5 Google search history can now be downloaded in its entirety, mass embarrassment expected
Rarest Beanie Baby bought for just £10 at car boot sale could be sold for £62,500 on eBay
Katie Hopkins and The Sun editor David Dinsmore reported to police for incitement to racial hatred following migrant boat column
'Jihadi John': Isis executioner Mohammed Emwazi wanted to wage jihad in Somalia until his friends were betrayed and killed by al-Shabaab
Parma, Missouri: 80 per cent of town's police quit after first black mayor is elected
Australian student Tommy Connolly, 23, adopts his pregnant, homeless 17-year-old cousin to give her a chance at 'a better life'
If I’m being racially abused I don’t need a stranger with a saviour complex to rescue me
The only black face in the Ukip manifesto is on the page about overseas aid
Ukip is the only main political party to not address LGBT rights in its manifesto
Food banks: One million Britons will soon be using them, according to Trussell Trust
Religion isn't growing, it is becoming vigorous in its demise, says philosopher AC Grayling
BBC election debate: The one photo that summed up the whole 90-minute leaders debate
iJobs Money & Business
£60000 - £70000 per annum + benefits : Ashdown Group: A highly successful, glo...
£30 - 35k (DOE): Guru Careers: We are seeking a Pricing Analyst with experienc...
£24000 - £26000 per annum + benefits : Ashdown Group: A highly successful, glo...
£21000 - £24000 per annum: Ashdown Group: The Ashdown Group has been engaged b...