EU regulators raid banks in anti-competition inquiry

A number of banks across Europe have had their offices raided by European Union regulators in an anti-competition investigation.

The European Commission's competition department said it was looking into a possible cartel at the unnamed lenders.

It is investigating whether the banks manipulated the interest rates charged when they lend each other euro loans.

The EBF - European Banking Federation banking trade body said it had "nothing to hide".

The EBF organises the Euribor - Euro Interbank Offered Rate, the daily reference rate based on the average interest rates at which banks in the eurozone offer euro-based loans to other financial institutions.

(Published by BBC - October 19, 2011)