* Credit Suisse doesn't see material penalty from Libor
* U.S. justice officials reportedly mulling criminal charges
against several banks
* Credit Suisse a member of dollar, euro and Swiss franc
Libor rate-set panels
By Katharina Bart
ZURICH, July 16 Credit Suisse Group AG
does not expect a "material" impact from a wide-ranging
regulatory probe into allegations of interest rate rigging,
which also includes Swiss rival UBS AG as well as many
other global banks.
"While these issues are complex and the regulatory reviews
of the industry are ongoing, we do not currently believe that
Credit Suisse has any material issues in this matter," Credit
Suisse spokesman Marc Dosch said.
The comment comes after the New York Times reported on
Saturday that the U.S. Justice Department is building criminal
cases against several banks, following a $450 million settlement
with Barclays Plc over the manipulation of the London
Interbank Offered Rate, or Libor.
Credit Suisse, a member of dollar, euro and Swiss franc
Libor-setting panels, reiterated that it is cooperating with the
various regulatory probes into the rate-setting allegations.
Analysts from Morgan Stanley last week predicted the Libor
scandal would cost a group of 11 global banks as much as $14
billion in regulatory and legal settlement costs through
Based on the settlement struck by Barclays, which chose to
come clean about Libor fixing and settle ahead of rivals still
under investigation, Morgan Stanley estimated Credit Suisse and
UBS could each face fines of between 446 million francs ($454.73
million) and 827 million.
UBS said on Friday it had not given guidance on possible
fines it could pay in the Libor probe.