Anti-competition investigation
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)