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Record £1.4bn bank fines to go into the EU's budget

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:

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.


Barclays immune from potential €690m (£573m) fine

Barclays is immune from a potential €690 million (£573 million) penalty after the bank blew the whistle on the Euribor cartel.

Barclays is among the banks found to have formed cartels to fix two benchmark interest rates.
Barclays is among the banks found to have formed cartels to fix two benchmark interest rates. Credit: REUTERS/Suzanne Plunkett

The Euribor is the euro area equivalent of the London interbank offered rate (Libor).


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:


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

UK: Spain continues to act unlawfully in Gibraltar

A Government spokesman said Spain is still acting "unlawfully" at the border with Gibraltar by imposing "disproportionate" checks:

We remain confident that the Spanish government has acted – and continues to act – unlawfully, through introducing disproportionate and politically motivated checks at the Gibraltar-Spain border.

The fact that the Commission has not found evidence that EU law has been infringed is not the same as concluding that Spain has not acted unlawfully.

The border operated significantly more smoothly than normal during the Commission visit.

– UK Government spokesman
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