The European Commission (EC) is set to impose multi-million euro fines on six banks including Citigroup, Deutsche Bank and Royal Bank of Scotland (RBS) for rigging key interest rate benchmarks.
According to EC, the fines will depend on each bank’s cooperation with the EU investigation and the level of involvement in rate manipulation.
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The banks were mainly charged for rigging key interest rate benchmarks in three cases, the London interbank offered rate Libor, the Tokyo and the euro area equivalents.
These benchmarks were used by banks to price hundreds of trillions of dollars in assets, from mortgages to derivatives.
Other banks involved in the scandal include JPMorgan, Societe Generale, Credit Agricole, Barclays and HSBC.
Some banks have already admitted of wrongdoing claiming they fixed Euribor, Yen Libor or both, whereas RBS has settled its role in Libor rigging by paying £390m in fines to the UK and US authorities.
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By GlobalDataSo far, the authorities have fined RBS, Barclays, UBS, Rabobank and Icap with £3.25bn for manipulating rates.
