Rabobank Libor boss gets golden handshake of nearly €900,000

The Rabobank executive in charge of the department where bankers were embroiled in an interest rate fixing scandal left the company with almost €900,000, broadcaster RTLZ said on Friday.

Sipko Schat stepped down after local branch managers withdrew their support for him. There was widespread criticism of the fact that Schat remained in his post, after the US, British and Dutch regulators fined Rabobank €774m for its role in the Libor scandal.

Schat has now been given a golden handshake of €884,000 – equivalent to one year’s salary – according to broadcaster RTLZ. This is in line with the banking code of conduct. The amount was worked out in consultation with an independent expert.

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