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European Commission Raids Rbs Offices In Euribor Probe

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http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8837026/European-Commission-raids-RBS-offices-in-Euribor-probe.html

RBS is among the banks to have had its offices raided by European Commission officials as part of the investigation into the suppression of the European interbank offered rate (Euribor). Further raids are expected, with Barclays, HSBC and Lloyds Banking Group likely to be among the banks targeted.

The Commission confirmed it had seized documents from banks active in derivative product connected to Euribor. Barclays, HSBC, Lloyds Banking Group, and RBS declined to comment.

In its first-half results, Barclays became the first bank to publicly admit that the investigations were into the suppression of borrowing rates.

HSBC and Lloyds have only stated that their involvement in the investigations is because of "submissions" they made as members of the rate-setting panels that determine key borrowing rates.

Officials are understood to be focusing their investigations on the banks' investment banking arms. The inquiry centres on allegations the banks artificially held down the Euribor rate so as to make their finances appear stronger than they actually were.

Excellent light touch regulation works, I suppose the UK taxpayer will be on the hook for any fines etc... At least we can all be certain of one thing no one will go to jail.

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Great.

So the UK taxpayer is going to be on the hook for fines as well as the (now usual) losses.

No need to rush to separate the IBs from the retail banks says the coalition. :rolleyes:

We really should have let a few of them fail.

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http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8837026/European-Commission-raids-RBS-offices-in-Euribor-probe.html

Excellent light touch regulation works, I suppose the UK taxpayer will be on the hook for any fines etc... At least we can all be certain of one thing no one will go to jail.

The rancid stench of Sir Fred Goodwin fills the nostrills.

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The rancid stench of Sir Fred Goodwin fills the nostrills.

anagram for Sir Fred Goodwin:

Did Feign Sorrow

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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