Rabobank settles Libor and Euribor Investigations
Rabobank has entered into settlement agreements with various authorities in connection with their investigations into Rabobank’s historical Libor and Euribor submission processes and will pay a total of approximately EUR 774 million. Rabobank has agreed to continue to implement the significant package of remedial measures already underway to enhance compliance, reduce risk and improve culture. The Chairman of Rabobank’s Executive Board, Piet Moerland, has announced his resignation. He stated, ‘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.’
Rabobank Chairman Piet Moerland resigns immediately after Libor settlement
‘After much consideration and with a heavy heart’. At the announcement of the settlements with various authorities in connection with the Libor and Euribor investigations Piet Moerland has decided that he will immediately resign as chairman of the Executive Board. ‘On behalf of the Bank and the Executive Board I want to send a very clear signal: a sincere apology and strong condemnation of these inappropriate acts. I have decided to resign. It’s a matter of principle for me.’
President of the Supervisory Board Wout Dekker comments on Libor settlement: 'This should never had happened'
‘The Bank has learned a hard lesson and taken steps to ensure that this will never happen again’, says Wout Dekker, President of the Supervisory Board of Rabobank Nederland, referring to the settlements in connection with the Libor and Euribor investigations. ‘I’m confident that the Bank and our employees are together capable of working on the challenges we have.’
- 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 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.
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