Manipulation..........
European Commission probes possible exchange-charge fixing among Austrian banks
The Associated Press
BRUSSELS, Belgium (November 24, 2000 1:43 p.m. EST nandotimes.com) - The European Union Commission on Friday announced a probe into possible collusion among Austria's top banks to fix euro-zone currency exchange charges.
The commission said it has informed the banks of its investigation so far and requested a written reply within one month. A hearing will also be held before a final decision is made.
The Austrian banks under investigation, known as the Lombard Group, are: Bank Austria AG, Erste Bank der Osterreichischen Sparkassen AG, Raiffeisen Zentralbank AG, Raeffeisenlandesbank NO Wien, Bank fuer Arbeit und Wirtschaft AG, Osterreichische Postsparkasse AG, Osterreichische Volksbanken AG and Niederosterreichische Landesbank-Hypothekenbank AG.
The commission is already investigating similar charges against banks in Ireland, Portugal, Finland, Belgium, the Netherlands and Germany.
All the banks involved could ultimately face fines if the commission's final decision is that there indeed was illegal cooperation on charges.
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