Brussels, 06/04/2016 (Agence Europe) - On Wednesday 6 April, the European Commission decided to reduce by around 50% - to €227.72 million - the fine handed down to the French bank Société Générale for its involvement in the euro interest rate derivatives cartel.
The European institution justifies this step by the fact that Société Générale had made a mistake in the figures it initially handed over. Following the amending decision, the fine handed down to the French bank has been reduced from €445.88 million to €227.72 million.
In late 2013, the Commission fined seven international banks (Barclays Bank, Deutsche Bank, Société Générale, Royal Bank of Scotland, UBS, JP Morgan, Citigroup) and one broker (RP Martin) a record total of €1.71 billion for their involvement in two separate illegal cartels on the interest rate derivatives markets within the European Economic Area (EUROPE 10977). At the time, Société Générale saw its fine reduced on the grounds that it had cooperated with the European institution's investigation. (Original version in French by Mathieu Bion)