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EU Commission Fines Credit Agricole, HSBC and JP Morgan Chase

EU Commission Fines Credit Agricole, HSBC and JP Morgan Chase

The EU Commission has fined Credit Agricole, HSBC and JP Morgan Chase a total of 485 million Euros ($520 million) for their role in fixing the price of financial benchmarks linked to the Euro. They were part of a cartel between September 2005 & May 2008 to disrupt the Euribor benchmark interest rate used to reflect the cost of interbank lending

“The EU Commission has fined Credit Agricole, HSBC and JP Morgan Chase a total of 485 million Euros ($520 million) for their role in fixing the price of financial benchmarks linked to the Euro.”

~ Reuters

Credit Agricole was fined 114.7 million euros, HSBC 33.6 million euros and JPMorgan Chase 337.2 million euros. Deutsche Bank, RBS and Societe Generale admitted guilty in December 2013. Barclays avoided a fine because it alerted the Commission.

Related Reports: Reuters, CNBC

 

About EU Commission

The Commission’s main roles are to:

  • propose legislation which is then adopted by the co-legislators, the European Parliament and the Council of Ministers
  • enforce European law (where necessary with the help of the Court of Justice of the EU)
  • set a objectives and priorities for action, outlined yearly in the Commission Work Programme and work towards delivering them
  • manage and implement EU policies and the budget
  • represent the Union outside Europe (negotiating trade agreements between the EU and other countries, for example.).

Visit: EU Commission 


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