Sabato, 20 Ottobre 2018

Trani prosecutors probe international bankers


Trani, February 4 - Prosecutors in the southern
Italian city of Trani are looking to Britain in their
investigation into the manipulation of the trend-setting Euribor
interest rate, sources said Monday.
Prosecutors are focusing on managers of five international
banks - London-based Barclays, Deutsche Bank, HSBC, RBS and
Societe' General - as well as seven financial traders from
various countries who have worked in the City of London, the
country's financial centre.
Their probe around the Euribor began last summer at the
request of consumers' groups in Italy, following a major scandal
involving the Libor interbank lending rate.
The Euribor is the euro-priced counterpart of Britain's
Libor, and three-month Euribor rates are a primary gauge of
unsecured bank-to-bank lending.
It, in turn, sets the trend for other types of interest
rates, trickling down to the consumer level.
Adusbef and Federconsumatori complained to the Trani
prosecutors' office, which specializes in investigating
financial crime, after financial authorities in the United
States ordered Barclays to pay a $200-million fine for
"attempted manipulation of and false reporting concerning Libor
and Euribor benchmark interest rates" at the end of June 2012.
The consumer groups estimate that the alleged manipulation
of Euribor has cost Italian borrowers at least 3 billion euros.

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