Handling rate : European Commission repays Societe Generale.

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Capture d’écran 2016-04-08 à 11.51.07       Source: Les échos

A first in the financial sector. This Friday, the Societe Generale announced the reduction of the fine that was inflicted on them by the European commission for interbank rate manipulation and violation of competition rules.

In 2013, the French bank was condemned by the European Commission to pay 445 million euros. This fine now amounts to only 228 million euros.

The investigation revealed that the facts go back to a period between 2006 and 2008.

Société Générale had filed a complaint in 2014 against the decision of the European Commission and the penalty inflicted.

The fines of the other banks involved in the case, including Royal Bank of Scotland Barclays and Deutsche Bank, are unchanged.

Société Generale, is currently at the heart of Panama financial Papers case for creating the most of offshore companies among the top 5 banks involved.

 

Carla Biancarelli IEJ 1BIS

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