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EU: Banks look towards quick resolution on LIBOR case

By  |  April 25, 2013

Various major banks currently under investigation by the European Commission over concerns regarding the manipulation of benchmark interest rates such as LIBOR are reportedly hoping for a quick ruling from regulators. In a statement made by Commissioner Joaquin Almunia to reporters in Berlin on Thursday, he noted that a “quick decision” is most likely what the businesses are hoping to encounter. The Commission is seeking a resolution, including fining the banks alleged to have manipulated the rates, by the end of the year, according to two sources. Those sources also suggested that some banks may settle earlier, perhaps by October. The Commission is currently looking into Barclays Blc, Deutsche Bank AG, UGB AG and Royal Bank of Scotland Group Plc.

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