Former ABN Amro unit under investigation in Libor scandal

Tuesday 04 September 2012

The Dutch central bank DNB is investigating the role of part of the ABN Amro bank in the Libor scandal, Nos television reports on Tuesday.

The part of ABN Amro responsible for setting Libor rates is now owned by Scottish bank RBS.

Until 2008, ABN Amro was part of the panel that set the daily Libor rate - which forms the basis for interest on credit and loans. That same year, the bank was split up and the three parts taken over by RBS, Santander and Fortis. When Fortis went bankrupt, its part returned to the Dutch state under the name ABN Amro.

Both RBS and DNB confirmed the investigation to the Nos.

An investigation into the part played in the Libor scandal by Rabobank is already under way.

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