Date: 4 days ago   Category: Financial

The European Commission fined banks one billion euros


Barclays, RBS, Citigroup, JPMorgan and MUFG are fined for participation in cartel conspiracies on operations with foreign currency. The European Commission fined five banks €1.07 billion for two cartel conspiracies in the foreign exchange market, it is said in the statement of EC distributed on Thursday, May 16 in Brussels. "The European Commission fines Barclays, RBS, Citigroup, JPMorgan and MUFG of €1.07 billion for participation in cartel conspiracies on operations with foreign currency", - it is noted in it. The EC explains that five banks created two cartels in the spot foreign exchange market for work with 11 currencies - euro, pound sterling, the Japanese yen, Swiss franc, US dollars, Canada, New Zealand and Australia and also kroner of Denmark, Sweden and Norway. "The European Commission made two decisions. The first decision (so-called cartel Forex - Three Way Banana Split) imposes the general penalty of €811,197,000 for Barclays, the Royal Bank of Scotland (RBS), Citigroup and JPMorgan, - notes EC. - The second decision (so-called cartel Forex-Essex Express) attracts imposing of a penalty of €257,682,000 for Barclays, RBS and MUFG". Earlier the European Commission imposed a penalty of 1.49 billion euros for the American corporation Google for violation of the European norms on the competition when advertizing on the Internet and its allocation by search in network. News from the Correspondent.net in Telegram. Subscribe for our https://t.me/korrespondentnet channel In the EU the world's largest producer of beer is fined 200 million euros

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