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Tags: Barclays | fraud | Manipulation | Italy

Barclays Documents Seized in Italy in Euribor Fraud Probe

Tuesday, 31 July 2012 11:00 AM

Barclays Plc offices in Italy were searched by prosecutors who seized documents as part of a fraud and market-manipulation probe into banks’ roles in setting the Euribor benchmark interest rate.

Prosecutors searched the London-based bank’s offices in Milan and obtained files including e-mails, the Italian consumer groups Adusbef and Federconsumatori said in a statement. Officials for Barclays in London declined to immediately comment, while prosecutors leading the investigation in the city of Trani couldn’t be reached.

Barclays, the U.K.’s second-largest bank, was fined a record 290 million pounds ($455 million) last month for attempting to rig the London interbank offered rate and Euribor, its equivalent in euros, to appear healthier during the financial crisis. U.K. fraud prosecutors Monday said they will investigate the manipulation of Libor and other interest rates after deciding that existing British criminal law covers the conduct involved.

Adusbef estimated that the manipulation affected 2.5 million Italian households with mortgages tied to Euribor, costing them 3 billion euros ($3.7 billion), based on record 2008 Euribor rates.

Barclays Chief Executive Officer Robert Diamond, Chairman Marcus Agius and Chief Operating Officer Jerry Del Missier all stepped down following the fine and criticism from the U.K. regulator. Their departures were followed by Alison Carnwath, head of the British bank’s remuneration committee, who stepped down on July 25.


© Copyright 2022 Bloomberg News. All rights reserved.


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Tuesday, 31 July 2012 11:00 AM
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