Joaquin Almunia
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EU rate-rigging fines: 'Appalling examples of misconduct'

The European Commission has fined eight banks - including RBS - a total of 1.7bn euros (£1.4bn) for forming illegal cartels to rig interest rates.

The Commission vice-president, Joaquin Almunia, said it was shocking that banks supposed to be in competition were colluding with each other.

"For these markets to work properly... transparency and healthy competition are crucial. Obviously the picture may look very different if the derivatives markets are rigged to benefit the private interest of a few".

  • 04 Dec 2013
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