Date: 2 months ago   Category: Economy

The European Commission fined five banks more than 1 billion euros


The American banks Citigroup and JP Morgan, the British RBS and Barclays, the Japanese Mitsubishi UFG accuse of cartel conspiring at sale of currencies.

Supervisory authorities of the European Union in the field of the competition in the bank sphere imposed large penalties on five large banks. The American Citigroup and JP Morgan, the British Royal Bank of Scotland (RBS) and Barclays, the Japanese Mitsubishi UFG are obliged to pay in total 1.07 billion euros, it is said in the statement of European Commission on Thursday, May 16.

These financial institutions are accused of cartel conspiring for frauds with the quotations of currencies. According to supervising departments, sellers of currencies in the closed chats exchanged confidential information and the action plans, from time to time coordinating the strategy. It was talked, in particular, of operations on exchange of euro, US dollars and Swiss francs.

exempted the Swiss bank UBS from a penalty as its management itself reported about illegal arrangements.

As was said by the head of antimonopoly department of the European Union Margret Vestager, currency transactions are one of the most important parts of the financial market. Their daily volume is many billions of euros.

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