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The 1.7 billion euros (£1.4 billion) fines for eight major banks imposed by the European Commission for rigging benchmark interest rates is to be ploughed back into the EU's budget, says ITV News Business Editor Laura Kuenssberg:
The European Commission said it is "determined to fight and sanction" rate-rigging cartels formed by some banks.
Vice president of competition policy Joaquin Almunia said:
The sanctions - the first from the European Commission on rate manipulation - are the highest yet for European anti-trust enforcement.
Barclays is immune from a potential €690 million (£573 million) penalty after the bank blew the whistle on the Euribor cartel.
The Euribor is the euro area equivalent of the London interbank offered rate (Libor).
Eight major banks have been fined a combined €1.7 billion (£1.4 billion) by the European Commission over interest rate-rigging.
The European Commission is expected to announce more fines for banks over the rate-rigging scandal, as ITV News business editor Laura Kuenssberg writes:
The European Commission is set to fine a group of banks a record €1.7 billion (£1.4 billion) for rigging interest rates, Reuters reported, citing a source.
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Today's fine for RBS pushes the bill for past bad behaviour over an enormous £4 billion.