The European Commission carried out a series of raids on Wednesday to uncover evidence in a possible case of price fixing involving Euribor, the Euro Interbank Offered Rate.
Reuters reported that the commission, the executive branch of the European Union, has the ability to impose heavy fines if it uncovers evidence of violations. In a series of dawn raids, the commission raided a number of bank offices across Europe, including the London office of Deutsche Bank, in some cases seizing documents.
Euribor is a benchmark rate, used to determine the price of interbank euro loans, that is devised by a committee of 44 contributors by means of averaging the rates submitted by all the committee members. The European Banking Federation hosts the committee. It denied that there has been any attempt at price fixing.