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Provider: Thomson Reuters Stock Report
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Provider: MacroRisk Analytics/EconomicInvestor
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Provider: MacroRisk Analytics/EconomicInvestor
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EU To Accuse HSBC Holdings plc And Several Banks Over Euribor Manipulation-Reuters


Monday, 10 Dec 2012 12:49am EST 

Reuters reported that the European Union (EU) is expected soon to accuse several banks of attempted collusion in the setting of lending rate benchmark Euribor, the Wall Street Journal reported. Barclays PLC has already acknowledged trying to rig the Euribor rate, and other banks are likely to be pressed by regulators in the United States, Britain and elsewhere into similar admissions. At least a dozen banks are under investigation, at least four of them for allegedly working with Barclays. France's Credit Agricole SA and Societe Generale, Britain's HSBC Holdings plc and Germany's Deutsche Bank AG are among other banks being investigated for possibly working with Barclays to manipulate Euribor, the Journal said. All four banks declined to comment to the Journal. None of the banks could immediately be reached for comment by Reuters outside of regular European business hours. Euribor, the euro interbank offered rate, and Libor, the London interbank offered rate, are the key gauges of how much banks pay to borrow from peers, and underpin swathes of financial products from Spanish mortgages to derivatives contracts sealed in London.