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

 |  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.

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.

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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