Bloomberg News

Almunia Says EU Investigating Libor, Euribor

February 28, 2012

European Union Competition Commissioner Joaquin Almunia said that the EU was investigating the conduct of certain banks active in financial derivative products linked to Euribor and Libor for several currencies.

Almunia said in a speech in Brussels that he was concerned that the companies may have violated the antitrust rules that prohibit cartels and restrictive business practices.

“Given the number and the value of transactions in interest-rate derivatives, and the crucial role these products play in the management of risk, any confirmed manipulation of these interest rates would probably imply a very significant cost to the European economy,” Almunia said.

To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net


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