The European Union has banned 10 banks from participating in its Eurobond purchase scheme to fund the recovery mechanism for the Covid-19 pandemic “Next Generation EU” for their involvement in debt market manipulation scandals, the Financial Times reported on Tuesday.
A spokesman for the European Commission told the financial publication that the EC had taken a strict approach to ensure that entities participating in the Next Generation EU program were “fit to be EU counterparties”.
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In addition, banks found guilty of antitrust fraud will have to prove that they have taken “corrective action”, which prevent the recurrence of these disorders.
Banks that are excluded from participating in the sale of the new 10-year bond issue of the European Commission to finance the European recovery fund worth 800 billion euros are Citigroup, JPMorgan, Barclays, Bank of America, Natixis, Nomura, NatWest, UniCredit, Deutsche Bank и Crédit Agricole.
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The European Union has excluded many of the world’s largest banks from its new Eurobond debt program, the Wall Street Journal reported.
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Lenders, including Barclays plc, JPMorgan Chase & Co., Nomura Holdings Inc., Bank of America Corp., UniCredit SpA, Citigroup Inc. and Credit Agricole SA, have been blocked due to recent cases in which they were found to have participated in the formation of cartels on the bond and foreign exchange markets, indicates the financial publication.
The European Commission is currently investigating whether “the main dealers found guilty of violating the antitrust rules have taken the necessary corrective measures to put an end to these practices”said the Wall Street Journal.
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