Brussels, 11/03/2016 (Agence Europe) - French bank Société Générale will have its fine for manipulation of the Euribor inter-bank euro interest rates reduced, reported Bloomberg on Friday 11 March.
In December 2013, the European Commission fined a number of banks for involvement in illegal interest rate derivatives market agreements and manipulation of inter-bank interest rates for the euro and yen (see EUROPE 10977).
The French bank has announced that it is withdrawing its appeal at the European Court of Justice, saying that the Commission will revise (and reduce) its initial fine of more than €400 million. “In the course of its appeal before the General Court, Société Générale recalculated its value of sales, and provided corrected figures to the European Commission,” explains the bank.
The Commission welcomed the bank's withdrawal of its appeal, explaining: “This follows an internal review by the bank that brought to light an inconsistency in the financial data initially submitted by Société Générale to the Commission.” (Original version in French by Elodie Lamer)