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- Release Date: 30/10/13 10:30
- Summary: GENERAL: RCS: Rabobank Settles Libor and Euribor Investigations
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RCS
30/10/2013 08:30
GENERAL
REL: 0830 HRS Rabo Capital Securities Limited
GENERAL: RCS: Rabobank Settles Libor and Euribor Investigations
Rabobank has entered into settlements with various authorities and agreed to
pay approximately EUR 774 million.
- Piet Moerland resigns with immediate effect as Chairman of the Bank's
Executive Board and is succeeded by Rinus Minderhoud on an interim basis.
- 30 Rabobank employees were in some way involved in inappropriate conduct.
- Rabobank did not sufficiently appreciate the risks associated with the
Libor and Euribor submission processes.
- The Executive and Supervisory Boards of Rabobank sincerely regret these
matters.
- Top management was neither involved in nor aware of inappropriate conduct.
- Rabobank took strong disciplinary action.
- Rabobank has launched a comprehensive package of measures to
enhance compliance, reduce risk and improve culture.
- Rabobank has taken extensive steps to strengthen systems and controls
relating to its interest rate benchmark submission processes.
- Rabobank will remain financially stable despite the payment of these
significant settlement amounts.
End CA:00243007 For:RCS Type:GENERAL Time:2013-10-30 08:30:04
