AMSTERDAM--Rabobank NV (RBK.YY) said Tuesday the current investigation into the setting of Libor and Euribor rates, led by a number of government authorities and involving several banks, is likely to lead to a settlement, but the amount and timing of such an outcome isn't yet clear.
Rabobank, which is cooperating with the investigation, has also been named a defendant in civil litigation pending in the U.S., involving the alleged manipulation of benchmark lending rates Libor and Euribor. The Dutch cooperative bank said it intends to defend itself in these subsequent actions.
A settlement with Rabobank from the probe currently underway would follow penalties already paid by Barclays PLC (>> Barclays PLC), UBS AG (>> UBS AG) and Royal Bank of Scotland Group PLC (>> Royal Bank of Scotland Group plc), which have settled Libor-rigging charges and agreed to pay a total of about $2.5 billion in fines.
The probe into manipulating Libor involves 16 banks and includes most members of the panel that helps set the dollar London Interbank Offered Rate. Rabobank is the sole Dutch bank in the Libor-panel.
Write to Robert van den Oever at [email protected]