Italy’s police seizes Barclays documents in rates probe

Italy’s police seizes Barclays documents in rates probe
# 31 July 2012 19:47 (UTC +04:00)
Baku-APA. Italian police seized documents from the Milan offices of London-based Barclays bank as part of a probe into the possible manipulation of Euribor lending rates, local media said on Tuesday, APA reports quoting Xinhua.

Local prosecutors have opened a criminal probe following complaints filed by consumer associations Adusbef and Federconsumatori that accused the bank for manipulating the Euribor, or Libor’s counterpart for euros.

The consumer groups claimed several foreign banks including Barclays, the Royal Bank of Scotland, Deutsche Bank, HSBC and Lloyds Banking Group to have caused an estimated 2.9 billion euros (3.5 billion U.S. dollars) in damages to millions of Italian families.

Last June, Barclays was fined over 450 million U.S. dollars by the U.S. and British authorities for "attempted manipulation of and false reporting concerning Libor and Euribor benchmark interest rates."
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THE OPERATION IS BEING PERFORMED