EU regulators to fine HSBC, RBS and JP Morgan in Euribor probe

The European Commission is near to fining several banks hundreds of millions for Euribor rigging - fixing the rate at which banks lend to each other in euros, reports Reuters.

JP Morgan, RBS, Deutsche Bank, HSBC, Soc Gen and Credit Agricole will all face fines, with Barclays avoiding one as it was the lender which alerted the European Commission to the suspected misconduct.

Two years ago, the Commission, which is the EU's antitrust authority, raided several large banks for suspected fixing of Euribor.

Fines could be announced in December, but some banks are still challenging the penalties. The fines are expected to be at the low end of the EU's limit of 10 per cent of company's global revenue, said Reuters' source.

Some of the banks have agreed to settle with the Commission in return for a 10 per cent reduction in their fines.

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