AMSTERDAM Feb 26 Dutch group Rabobank
is expected to get a fine of more than $440 million for
manipulating Libor interest rates, news agency Bloomberg
reported on Tuesday.
Rabobank, the second-largest financial group in the
Netherlands by balance sheet size, is expected to reach a
settlement with U.S. and UK regulators over claims it tried to
manipulate benchmark interest rates, Bloomberg said, citing four
people with knowledge of the investigation.
The London interbank offered rate, known as Libor, and its
smaller counterpart Euribor are Europe's key gauges of how much
banks pay to borrow from their peers, and underpin swathes of
Rabobank's fine is likely to be between the 290 million
pounds ($438 million) Barclays paid in June and the
$612 million Royal Bank of Scotland paid earlier this month,
Bloomberg said, citing one of the people.
The fine could come as early as May, Bloomberg said.
Rabobank, a non-listed, cooperatively-owned Dutch bank,
declined to comment.
It said in August it had received several subpoenas and
requests for information about the benchmark interest rate
setting process in different countries, including Britain, the
United States, Switzerland, Japan and Singapore.
Switzerland's UBS agreed in December to pay $1.5
billion to settle charges.
In July, Dutch newspaper Het Financieele Dagblad reported
that Rabobank fired four employees between 2008 and 2011 over
the manipulation of interbank lending rates.
More than a dozen banks and brokerage firms, including JP
Morgan, Deutsche Bank AG and Citigroup Inc
, are being investigated by regulators over the
manipulation of benchmark rates like Libor and Euribor.