Saturday 03 December 2022

Rabobank has sacked four bankers involved in Libor scandal: FD

Rabobank sacked in 2008 and 2011 a total of four members of staff who may have been involved in the Libor interest rate-fixing scandal, the Financieele Dagblad reports on Friday, quoting financial sector sources.

The four are said to have passed on too-high or too-low interest rates to benefit their Rabobank colleagues on the trading floor, the paper says.
It is unclear how serious the Dutch infringements were, but this does mean the Libor scandal, so far largely confined to Britain and the US, has spread to the Netherlands, the paper says.
The bank refused to comment on the report. A spokesman told the FD the bank cannot go into individual legal cases and that the bank is cooperating with the investigation into the Libor scandal.
Some sources told the paper Rabobank will not be able to avoid fines from the British and American regulators.
The Rabobank Libor department was largely based in London and has been overhauled in recent years, the FD said.
The Libor rate is the interest rate which banks use to lend money between themselves.

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