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EU Fines Five Major Banks 1 Bln Euros for Cartel Collusion

© AFP 2023 / PHILIPPE HUGUEN A one euro coin is pictured on one US dollar notes
A one euro coin is pictured on one US dollar notes - Sputnik International
MOSCOW (Sputnik) - The European Commission (EC) said in a statement Thursday that it had fined five banks 1.07 billion euros ($1.2 billion) for taking part in cartels.

"In two settlement decisions, the European Commission has fined five banks for taking part in two cartels in the Spot Foreign Exchange market for 11 currencies — Euro, British Pound, Japanese Yen, Swiss Franc, US, Canadian, New Zealand and Australian Dollars, and Danish, Swedish and Norwegian crowns", the European Commission said.

READ MORE: The Holdup: Barclays Loses £2bn in Fines, Slow US DoJ Investigation to Blame

A general view of central downtown, including from top left, Bank of China, The Cheung Kong Center, HSBC's headquarters and the Standard Chartered Bank as well as the Legislation Council, bottom, in Hong Kong - Sputnik International
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The first decision ("Forex — Three Way Banana Split" cartel) imposes a total fine of some €811 million on Barclays, The Royal Bank of Scotland (RBS), Citigroup, and JPMorgan. The second decision ("Forex- Essex Express" cartel) imposes a total fine of nearly €258 million Barclays, RBS, and MUFG Bank (formerly Bank of Tokyo-Mitsubishi).

According to Brussels, the banks formed those cartels in order to influence 11 different currencies, including the euro, US dollar, pound sterling, Japanese yen, Swiss franc, and others.

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