Oct. 29 - Dutch bank, Rabobank, has been fined over one billion dollars for 'serious misconduct' linked to the LIBOR and EURIBOR scandals. David Pollard reports.
Big numbers, but not the sort banks usually like to report. Rabobank has been ordered to pay a hefty 1.07 billion dollars in fines. The penalty is - say British, Dutch and US regulators - for some of the 'most serious' misconduct linked to the LIBOR and EURIBOR scandals. Rabobank is paying the second biggest fine out of five levied so far - UBS was hit with the largest at 1.5 billion. Together, LIBOR and EURIBOR guide market rates for more than 300 trillion dollars worth of assets. Traders at the Dutch bank and others allegedly manipulated the benchmark rates to favour their own trading positions. Seven men have been accused of criminal offences. The fine comes as other banking heavyweights have been announcing provisions against looming liabilities ... ... including Deutsche Bank, which says 1.2 billion euros is being set aside to deal with potential litigation costs.