Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner. Facebook Messenger An icon of the facebook messenger app logo. Facebook An icon of a facebook f logo. Facebook Messenger An icon of the Twitter app logo. LinkedIn An icon of the LinkedIn logo. WhatsApp Messenger An icon of the Whatsapp messenger app logo. Email An icon of an mail envelope. Copy link A decentered black square over a white square.

Banks facing massive fines over euribor

Banks facing massive fines over euribor

EU antitrust regulators are set to impose multi-million euro fines on Royal Bank of Scotland, Deutsche Bank, JPMorgan Chase and three others for suspected rigging of the euribor interest rate benchmark, it was reported.

Credit Agricole, Societe Generale and HSBC will also be hit with fines, a source said.

Barclays, which alerted the European Commission to the suspected wrongdoing, will escape being fined.

The move comes two years after the Commission, the EU’s antitrust authority, raided a number of global banks for suspected fixing of euribor, the benchmark used as the basis for pricing £210trillion worth of financial contracts, from Spanish mortgages to complex derivatives.

The source said some of the banks had agreed to settle with the Commission in exchange for a 10% reduction in their fines.

The announcement is expected to be made next month.

The EU can impose fines of up to 10% of a company’s global revenue for breaches of antitrust rules.

In this case, the fines are likely to be towards the low end of the scale, the source said.

However, since all the banks have revenues of at least £13.4billion a year, even a 1% fine would result in hundreds of millions in penalties.

HSBC posted revenues of £39.6billion last year, while RBS earned £25.8billion, Societe Generale £19.4billion, Deutsche Bank £28.1billion and Credit Agricole £13.7billion. JP Morgan earned £60.5billion. Several of the banks will not be fined immediately as they are contesting the size of the proposed penalties.

In those cases, the banks are likely to face formal charges next month, followed by fines next year, the source said.

RBS, Deutsche Bank, Societe Generale and HSBC declined to comment. Credit Agricole and JP Morgan were not immediately available to comment.

Authorities in the US, Britain and elsewhere have so far fined five financial firms, including RBS and Barclays, £2.3billion for manipulating libor and its euribor cousin. Seven individuals have been criminally charged.

Globally, the cost to banks of cleaning up past misdeeds is expected to soar to around £77.9billion if JPMorgan agrees a £8billion deal with the US Justice Department over its mortgage business.