EU Imposes Record Fines for Banks’ Libor Rigging

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Dec. 4 (Bloomberg) -- Bloomberg Markets Editor Manus Cranny breaks down European Union fines levied against six banks for rigging rates linked to Libor. He speaks on Bloomberg Television’s “The Pulse.”

Amount to 1.7 billion euros.

This is the highest total amount ever imposed by the commission for breaches of antitrust rules.

Some entities under investigation have not participated in the settlement.

Our proceedings referring to then continue.

That was the european competition commissioner joaquin almunia laying out the details of the fines being levied against global banks.

Here is marinus -- here is manus cranny with a recap.

When it comes to euribor and libor, five protagonists have been fined.

The bulk of those 5 -- this is a record.

1.7 billion euros.

The three biggest are socgen 445, deutsche bank at 725 and rbs at 391. the whistleblowers who came forward, ubs are going to avoid 2.5 billion euro fine.

And barclays.

That is the aggregate number.

Ubs and barclays were not find.

Barclays escaped 690 million.

The deutsche bank number is 725, the biggest fine of those involved.

That is a huge number.

If we need to correct those numbers, we will.

The regulators are trying to say if you help us, you will get a deal.

One of the biggest concerns we had with barclays.

They alerted the authorities and settled on libor.

They were the first ones to come out, unfair -- the ceo had to step down, bob diamond's departure led from -- the fact that they were whistleblowers.

Just touching on other subjects, in yen it is clearly stated that jpmorgan looks like they're going to pay $80 million in the yen.

It looks as if rp martin, the brokerage company, they were the facilitators of the yemen of the relation -- of the yen manipulation.

The share price reaction has not been that big because they provision for it.

It was more or less known.

Deutsche bank has already said we are well-positioned for this in their litigation.

Icap barely blipped on the news.

These are designed, according to almunia, to dissuade and punish.

I think what you have got here is a real message about the temperance for banks, collision, cartel activity and bad behavior.

The risks.

We spoke to chris wheeler.

He said it is too early to say whether the people who have not settled, what the outcome will be.

His concern is civil litigation.

The legal teams must be quite confident that they have a robust defense to almunia's proposition.

We are going to see what the details are to make sure we are on the right page.

The numbers look like telephone numbers.

Big numbers, they are not as big as they could have been.

We have got fx investigations.

We are not done yet.

Thank you so much, man is currently on the record fines by joaquin almunia.

Another story we have had breaking, details of the u.k. infrastructure plan.

Jonathan farra joins us.

We were expecting this.

A new national infrastructure plan, 375 billion pounds of public and private infrastructure investment.

Transport, energy, flood defense, water, roads.

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