Affected consumers are not being compensated all over Europe
FACUA considers it insufficient that Brussels imposes ridiculous fines on banks for manipulating euribor rates
The highest sanctions for manipulating the type of interest rate used in many mortgages was received by Deutsche Bank (465.9 million euros); a very low amount compared to the 6,500 million profit the bank made in 2007 only.
FACUA.org
Europa-04/12/2013
FACUA-Consumers in Action considers it insufficient that the European Commission limits itself to applying ridiculous fines on banks for manipulating types of interest rates of derivatives like euribor, used in the mortgages of numerous consumers in Spain.
Namely, Barclays, Deutsche Bank, Societe Generale and the Royal Bank of Scotland all participated in the cartel manipulating euribor and were therefore fined a very low amount of 1042.8 million Euros in total.
FACUA points out that the highest fine for modifying the European index levied on Deutsche Bank at 465.9 million Euros for a 32 months-long breach, seems insignificant when compared to the 6,500 millions of profit that the bank made in 2007 while the cartel was in operation.
For FACUA this issue cannot be ig
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