Date: 7 days ago   Category: Finance

The European Commission fined five banks €1.07 billion — Rambler News Service


Photo: globallookpress.com/Stefan Kiefer the European Commission fined five banks total amount of €1.07 billion for participation in two cartel conspiracies for work with 11 currencies. It is said in the statement published on the regulator website. "The European Commission made two decisions. The first decision (so-called cartel Forex — Three Way Banana Split) imposes the general penalty of €811,197,000 for Barclays, the Royal Bank of Scotland (RBS), Citigroup and JPMorgan. The second decision (so-called cartel Forex-Essex Express) attracts imposing of a penalty of €257,682,000 for Barclays, RBS and MUFG" — it is said in the statement. As it is noted in the document, banks participated in operations of two cartels in the spot foreign exchange market for work with euro, the British pound, the Japanese yen, Swiss franc, US dollars and Canada, New Zealand and Australia and also the Danish, Swedish and Norwegian kroner. Besides, the regulator reports that the UBS bank is an addressee of both decisions, but it was not fined as informed EC on existence of cartels. Commenting on the decision, the European Commissioner for the competition Margret Vestager said that these decisions make it clear that Evrokommissiya will not allow conspiracy in any sector of the financial markets. "The behavior of these banks undermined integrity of the sector, having done harm to the European economy and consumers" — she told.

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