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EU: Rabobank avoids EU yen LIBOR fines despite US, UK, Dutch sanctions

By  |  November 18, 2013

Netherlands-based bank Rabobank Groep will not be issued a fine by European regulators for alleged participation in yen LIBOR manipulation, despite accumulating more than $1 billion in fines by UK, Dutch and US authorities in the case.

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    According to two sources familiar with the EU investigation, Rabobank will not be included in the several banks that will be fined by the EU as part of a settlement over manipulation of the yen LIBOR benchmark rate.

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    While the UK’s Financial Conduct Authority found up to 384 possible instances of rate rigging by the bank, reports say EU antitrust authorities have a tougher case to prove than financial regulators, as they must show proof of collusion between traders.

    Both the European Commission and Rabobank declined to comment on the matter.

    Full Content: Bloomberg

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