“Libor and Euribor settlements should be paid into the public purse” – Bowles

The Chair of the European Parliament's Economic and Monetary Affairs Committee, Sharon Bowles MEP, has said that settlements agreed between banks and regulators over the Libor and Euribor scandals should be paid into the public purse to help reduce deficits.

Speaking from Strasbourg today, Sharon Bowles MEP said:

"With potentially several more banks under investigation and others in line to agree settlements the question arises as to what should be done with the money.

"Aside from private settlements between investors and banks, I believe the money paid to regulators should go into the public purse, otherwise it just reduces the levy on financial institutions that pay for the regulator.

"That might be fine in the case of smaller fines, but these larger fines in current times could be put to better use helping to reduce national deficits and recompense the public who have borne the brunt of bank bailouts.

"Furthermore, I support the European Commission's moves to criminalise the rigging of benchmark rates and hope that such measures will act as a deterrent in the future."

ENDS

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