Deutsche Bank gets €725 million Libor fine

Photo: DPA

Published: 04 Dec 2013 16:27 GMT+01:00Updated: 04 Dec 2013 16:27 GMT+01:00

Germany's biggest bank has been fined a record €725 million for rigging interest rates. It was one of several banks fined a total of €1.7 billion by the European Union Commission on Wednesday.

Deutsche Bank was fined the largest amount by the commission which handed down a decision in the Euribor and Libor interest rigging scandal, involving the Royal Bank of Scotland, Citi Group, Société Générale and JPMorgan

Barclays and UBS were spared fines after alerting authorities to the scandal which saw the banks act as a cartel to rig the interest rate benchmarks, Euribor and Libor..

The German banks fine was broken down into one of €465m for taking part in euro market rigging and another €260 million for that of the Japanese Yen, the Süddeutsche Zeitung reported.

The money will come out of the €4 billion Deutsche Bank has set aside for paying fines.

“The decision today is a clear signal that the commission is resolute in its fight against cartels in the finance sector,” said EU commissioner responsible for competition Joachin Almunia.

As well as Deutsche Bank, France's Société Générale must pay €466 million and the Royal Bank of Scotland €391 million.

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