Huge fine expected for Rabobank in Libor rate-fixing scandal

Rabobank is likely to be fined at least $440m for its role in the Libor interest rate-fixing scandal, press agency Bloomberg said on Tuesday.

Rabobank is the next bank involved in the scandal to be dealt with by the British and American regulators, following the British banks Barclays and Royal Bank of Scotland and Swiss bank UBS.

Bloomberg bases its fine forecast for Rabobank on those already handed out to Barclays ($440m) and RBS ($612m). The agency expects Rabobank to be fined a sum somewhere between the two amounts.


The regulators have finished their investigation into Rabobank’s role in the scandal and are currently discussing details with the bank. The result is expected in May, reports Bloomberg.

The bank refused to comment on the report, says the Volkskrant.

Rabobank sacked four members of staff suspected of involvement in Libor fixing in 2008 and 2011, but has refused to comment on the case.

The Libor rate is the interest rate which banks use to lend money between themselves.


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