EU fines banks over rate-rigging

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BBC - 12/04/13

European Commission vice-president Joaquin Almunia describes the rate-rigging as "appalling examples of misconduct"
 

The European Commission has fined eight banks - including RBS - a total of 1.7bn euros (£1.4bn) for forming illegal cartels to rig interest rates.

The cartels operated in markets for financial derivatives, which are products used to manage the risk of interest rate movements.

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