Banks' £1.4bn rate fixing fine

Eight major banks have been fined a combined 1.7 billion euros (£1.4 billion) by the European Commission over rigging benchmark interest rates.

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European Commission 'determined' to fight rate-rigging

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:

Today's decision sends a clear message that the Commission is determined to fight and sanction these cartels in the financial sector.

Healthy competition and transparency are crucial for financial markets to work properly, at the service of the real economy rather than the interests of a few.

The sanctions - the first from the European Commission on rate manipulation - are the highest yet for European anti-trust enforcement.

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Some banks 'braced for €800 million penalties'

The European Commission is expected to announce more fines for banks over the rate-rigging scandal, as ITV News business editor Laura Kuenssberg writes:

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Hear euro banks fines for market rigging out at 11.30 in brussels - told some banks braced for up to 800 million euro penalties

Read: Banks 'set for record €1.7 billion fine' over rate-rigging