Saturday 01 April 2023

Rabobank faces fine of nearly $1bn for rate-fixing scandal: FT

Rabobank faces a fine of almost $1bn (€720,000) for the alleged manipulation of Libor and other interbank lending rates, the Financial Times reports.

The fine could be levied as early as next week, the paper says, quoting three people familiar with the situation.

The supposed fine is larger than had been expected and would be the second highest fine paid in connection with the rate rigging scandal. UBS last year paid a record fine of $1.5bn.

Rabobank sacked four members of staff suspected of involvement in Libor fixing in 2008 and 2011, and said at the presentation of its half-yearly figures in August it had made provisions for Libor.

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

The reported fine is much bigger than expected and shows Rabobank is either much more involved than claimed or that the authorities want to make an example of it, experts told morning television show Wakker Nederland.

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