Attestation Update – A&A for CPAs

Technical stuff for CPAs providing attestation services

EU issues fines for rate rigging of Euribor and Yen Libor, cousins of Libor

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The European Union levied fines on multiple banks for manipulating Euribor and Yen Libor. Those are count parts to Libor. Penalties based on legal concept of operating an illegal cartel.

Money Beat provides a recap in The European Union’s Benchmark Fines: A Breakdown:

  • Euribor         Yen Libor          bank
  •                         €    0                Barclays
  • €259m             €465m             Deutsche Bank
  •                         €446m             Societe Generale
  • €260m             €131m             RBS
  • €    0                                         UBS
  • €  80                                        JPMorgan
  • €  70m                                     Citigroup
  • €    0.2m                                  RP Martin


That’s a total of about €1.7 billion, or $US2.3B, according to several articles.

Barclays and UBS each got a pass on a fine for reportedly blowing the whistle on the rate-rigging.

Investigations continue for three other banks.

This is separate from the Libor rate-rigging and fines associated with that index.

Lots of articles out today on the settlement. Most helpful for me is this one from ForbesBig Banks Fined $2.3B Over Illegal Libor Cartels, More Fines On The Way.

Written by Jim Ulvog

December 4, 2013, 13:56 pm at 1:56 pm

Posted in Other stuff

Tagged with ,

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