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Because of illegal agreements with five large banks need to pay now

During the financial crisis, they met in illegal collusion, and did massive damage. Five major banks have to pay now again the bill. The EU Commission is finished with a multi-billion penalty.

Five major international banks because of illegal behaviour during the international financial crisis once again asked to pay. To billion in the US and Switzerland, you will be met by the EU-Commission, with fines of a total of well over a billion Euro assigned.

Affected the U.S. banks J. P. Morgan and Citigroup, the British banks Barclays and Royal Bank of Scotland, as well as Japan's Mitsubishi UFG. Brussels regards it as proven that you have directed from 2007 to 2013, with illegal currency transactions, massive damage.

In the centre currency traders

the linchpin of the dubious activities in the financial markets, currency traders were. With you banks work great if you want to exchange large sums of from one currency to another. Actually, these retailers are in competition with each other.

According to the EU Commission, when they met, but illegal collusion: Among other things, they agreed secretly on their strategies, exchange of sensitive information about customers or planned Deals, and allowed each other the better business. The resulting foreign exchange cartels, interest rate and exchange rates were strongly influenced. This is one of the mosaic stones, which led to the international financial crisis in 2008.

EU competition Commissioner Vestager: "Be tolerate behaviour agreements in any financial sector"

"integrity dig"

The scope of the fraud makes EU competition Commissioner Margrethe Vestager clearly: "the behaviour of the banks has the integrity of the sector at the expense of the European economy and European consumers are not undermined." Because the exchange of money for foreign business enterprises and private persons were dependent on banks.

The Royal Bank of Scotland showed ruefully. A spokesman said: "This penalty is a reminder of how much the Bank has in the past lost, and we condemn the behaviour of those responsible." The culture of the money house, and the controls have changed in the past ten years.

Why do banks met now Record 11.11.2013 news Atlas |Belgium |Brussels


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