EU fines banks €1bn for currency rigging

Sun Online Desk

16th May, 2019 06:27:50 printer

EU fines banks €1bn for currency rigging

Five banks have been fined a total of €1.07bn (£935m) by the European Commission for forming illegal cartels to rig the foreign exchange market.

Four banks in the "Banana Split" cartel - Barclays, RBS, Citigroup and JP Morgan - were fined €811m in all.

Another three banks in the "Essex Express" cartel - Barclays, RBS and MUFG - were fined €258m.

A sixth bank, UBS, was excused financial penalties for revealing the cartels' existence.

The European Commission said the market-rigging took place from 2007 to 2013.

Competition Commissioner Margrethe Vestager said the banks' behaviour "undermined the integrity of the sector at the expense of the European economy and consumers".