By Sara Webb
AMSTERDAM Aug 22 Rabobank, one of
several banks named by the authorities in the international
Libor interest rate rigging scandal, has made an unspecified
provision in its first-half results for settling with
The Dutch cooperatively-owned bank expects certain
regulatory agencies and authorities to conclude their
investigations this year, it said in a statement on Thursday.
"Taking into account the uncertainties regarding the timing
of (the) conclusion of these investigations, Rabobank has made
an estimate of these settlement amounts," it said.
"Rabobank does not disclose detailed information regarding
such provisions as such disclosures could seriously prejudice
its position," it added.
Rabobank said the estimated Libor settlement was not
included under "provisions" in its financial statement, but was
recognised under "other liabilities", which amounted to 11.88
billion euros at the end of June, up from 11.07 billion euros at
the end of December, and 11.32 billion euros a year ago.
Earlier the bank reported a 14 percent drop in its
first-half net profit to 1.1 billion euros ($1.47 billion),
reflecting higher bad debts.
"The Dutch economy remained in recession and the prospects
for recovery continue to be poor," Piet Moerland, chief
executive, said in a statement.
The bank, which reported a full-year net profit of 2.1
billion euros in 2012, has already announced sweeping job cuts,
branch closures and reductions in remuneration packages to save
about 1 billion euros in costs.
About 8,000 domestic retail banking jobs will go by 2016 -
reducing the headcount in those operations by nearly a third to
20,000 from 28,000, while Rabobank said it will close about 300
out of the 800 or so existing branches of its member banks.