The European Commission has collectively fined 6 international financial institutions €1.7bn (£1.4bn) for their involvement in the manipulation of benchmark rates.
Eight international financial institutions were accused of participating in illegal cartels in markets for financial derivatives covering the European Economic Area (EEA).
Deutsche Bank and RBS were handed fines of €725m and €391m respectively for their involvement in manipulating both the yen London interbank offered rate (LIBOR) and the Euro Interbank Offered Rate (EURIBOR).
Société Générale received a fine of €445m for its involvement in the rigging of the Euribor rate.
Deutsche Bank, RBS and Société Générale received a reduction in their fines for their cooperation in the investigation under the Commission's leniency programme.
Over yen Libor, JP Morgan has been fined €79m and Citigroup received a fine of €70m.
Citigroup received full immunity for one of the infringements in which it participated, avoiding a fine of around €55m
Wholesale broking firm RP Martin received a fine of €247,000.
Barclays was not fined as it benefited from immunity under the Commission's 2006 leniency notice for revealing the existence of the cartel to the Commission.
UBS was also granted full immunity for its participation in revealing the cartel, avoiding a fine of around €2.5bn for five of the seven infringements.
Commission vice-president in charge of competition policy Joaquín Almunia said: "What is shocking about the LIBOR and EURIBOR scandals is not only the manipulation of benchmarks, which is being tackled by financial regulators worldwide, but also the collusion between banks who are supposed to be competing with each other.
"Today's decision sends a clear message that the Commission is determined to fight and sanction these cartels in the financial sector. Healthy competition and transparency are crucial for financial markets to work properly, at the service of the real economy rather than the interests of a few."
In the context of the same investigation, proceedings were opened against Crédit Agricole, HSBC and JPMorgan and the investigation will continue under the standard cartel procedure.
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