Wednesday, 30 October 2013 - 09:16
Rabobank to Pay €774M in Libor Interest Rate Fraud
Rabobank will pay about €774 million fine for involving in in the Libor interest rate fraud. The bank has entered into settlement agreements with various authorities in connection with their investigations into the bank’s Libor and Euribor submission processes, according to a statement. Piet Moerland has resigned as chairman of Rabobank’s executive board, effective immediately. Rabobank / Flickr “The public has to be able to trust that Rabobank employees operate with our core values in mind. That is why I have today decided that, as a matter of principle, it is appropriate for me to resign as chairman of the executive board with immediate effect,” Moerland stated. Rabobank also said it has launched a comprehensive package of measures to enhance compliance, reduce risk and improve culture. The bank took strong disciplinary action. There were 30 employees involved in inappropriate conduct. However, the bank noted that top management was neither involved nor aware of inappropriate conduct. In addition, Rabobank said will remain financially stable despite the payment of these significant settlement amounts.