Barclays Hit with Substantial Fines for LIBOR and EURIBOR Misconduct
June 27, 2012
The Financial Services Authority has imposed a fine of £59.6 million, its largest ever, on Barclays Bank PLC for misconduct relating to the setting of LIBOR and EURIBOR including:
- making submissions influenced by its interest rates derivatives traders;
- seeking to influence the EURIBOR submissions of other banks;
- minimising its LIBOR submissions to avoid negative media comment; and
- failing to have adequate systems and controls in place over its submission processes.
The bank has also settled with CFTC and the DOJ for a total of $360 million. RBS and Lloyds may also face an enquiry on this issue.