Barclays Italian dealings investigated

A recent investigation has been launched into Barclays whose offices in Italy were recently searched by the Italian authorities. Various documents were seized as part of the market manipulation investigation that has been conducted into the bank and its role in setting the interest rate for the Euribor benchmark.

Files have been attained by Italian police dating from 2007 to 2012 including various e-mails sent between the bank and others. Various news organisations have contacted Barclays officials in London but there has been no comment from the bank currently.

Barclays are the second largest bank in the UK, and it was recently fined £290 million for attempting to rig the rate offered by the Euribor. This is the largest amount that a bank has ever been fined, and prosecutors in the UK said that they are going to be looking at the manipulation further and currently deciding whether any criminal prosecution can be brought forward instead of just the civil action that currently taken place.

Complaints were filed in Italy as it is estimated that the banks conduct has affected around 2.5 million households. It is estimated that people who have mortgages tied to the manipulated markets could have been cost a total of €3 billion