Dutch lender Rabobank was fined €774m US, British and Dutch regulators for manipulation Libor (Photo: Reuters)
US, UK and European regulators have slapped Rabobank with a €774m fine for manipulating the key interbank lending rate Libor.
Rabobank's chief executive Piet Moerland has quit ahead of his planned retirement in 2014 while 30 other employees have been found to be involved, in some way, with 'inappropriate conduct' related to a scheme to rig benchmark interest rates.
Rabobank's President of the Supervisory Board Wout Dekker said on camera that "the bank has learned a hard lesson and taken steps to ensure that this will never happen again."
"I'm confident that the Bank and our employees are together capable of working on the challenges we have."
