Credit Agricole CEO says his bank doesn't want deal with EU in interest rate-rigging probe

PARIS – French bank Credit Agricole says it has refused to make a deal with European Union regulators investigating the manipulation of an interest rate that banks use to borrow from one another.

In an interview published in the Thursday edition of French newspaper Les Echos, CEO Jean-Paul Chifflet said the bank had a “good case” and that he rejected “a deal that would have constituted a recognition of responsibility for our company.”

Media reports have suggested some banks are ready to agree to a deal to receive a lesser fine in exchange for admitting to colluding to manipulate the EURIBOR rate used by European banks. Along with the broader LIBOR, EURIBOR underpins trillions of dollars (euros) in contracts, and their manipulation can cause significant losses to consumers and investors.