Record fine for benchmark interest rate rigging cartel

The European Commission should use all its powers to oblige condemned banks to assume their wrongdoings.

"The EPP Group is in favour of the most strict application of EU competition rules and considers totally unacceptable any attempt to manipulate global interest rates benchmarks", said EPP Group Spokesman on Economic and Monetary Affairs, Jean-Paul Gauzès MEP, on Wednesday following the European Commission’s decision to fine eight banks.

"The collusion of certain banks to manipulate benchmark interest rates in Euros (Euribor) and in Yen (Libor and Tibor) creates mistrust in the financial sector and serious damage to many citizens and companies with contracts referred to those indices, therefore fines must be in line with the damage caused and they must also be a deterrent for avoiding future manipulation. While most banks involved have acknowledged their wrongdoings, others have not", he said.

"The EPP Group encourages the Commission to use all its powers and measures to go as far as required in order to oblige those banks to assume their wrongdoings and the responsibilities derived from them", Jean-Paul Gauzès MEP concluded.