Banks speak to regulators over Euribor
Source: Agencies |
July 31, 2012, Tuesday
|
Print Edition
Print Edition
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 yesterday.
The European Commission is investigating possible manipulation of the Euro Interbank Offered Rate (Euribor), a 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.
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 whistle-blowers.
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.
Under the Commission's leniency policy, the whistle-blower gets off scot-free. Fines can be reduced by 30 to 50 percent for the next company to provide evidence of wrongdoing.
The European Commission is investigating possible manipulation of the Euro Interbank Offered Rate (Euribor), a 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.
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 whistle-blowers.
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.
Under the Commission's leniency policy, the whistle-blower gets off scot-free. Fines can be reduced by 30 to 50 percent for the next company to provide evidence of wrongdoing.
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