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EU Commission Fines Rate-Rigging Banks

EU Commission Fines Rate-Rigging Banks

EU Commission shocked that competing banks were in collusion

The European Commission has fined eight banks – including RBS – a total of £1.4 Billion (GBP) for forming illegal cartels to rig interest rates. The cartels operated in markets for financial derivatives, which are products used to manage the risk of interest rate movements.

A number of banks were engaged in the rigging of interest rate products intended to reflect the cost of interbank lending in euros, while another group fixed prices for products based on the Japanese yen.

The rates are used to set the price of Trillions of dollars (USD) of products, including mortgages.

Some were involved in both markets and more than one cartel, including RBS, which was fined a total of £325 Million (GBP). The fines are the first ever penalties for interest-rate rigging by the EU.

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Dutch Property Market Avoided By Property Buyers

Dutch Property Market Avoided By Property Buyers

Property investors are avoiding buying property in the Netherlands because they fear the property market is yet to hit rock bottom

The Netherlands are the only country in Europe that is still creating its own new land, however, property prices in the Netherlands are continuing to fall alarmingly, putting off purchasers and investors alike.

Property prices of residential properties in Holland are at the same level as they were 10 years earlier, and are still falling, reflecting the stagnant housing market in the country.

According to a joint publication by Statistics Netherlands and the Land Registry Office, prices of existing owner-occupied residential properties in The Netherlands were on average 7.6% lower in April 2013 than they were in April 2012 and 19.5% down from the peak of the global property market of August 2008.

Residential property prices are falling as a consequence of ultra low demand from property buyers.

Official figures reveal that only a total of 29,644 residential property sales were registered in the country during the first four months of 2013, compared to the same period last year.

The Financieele Dagblad reported recently that Dutch banks’ housing market specialists would no longer be making predictions over the decline in residential property prices.

Last year, the banks predicted a further fall in Dutch property prices in 2013 between 7% and 10%.

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