The Financial Conduct Authority (FCA) has fined co-operative banking group Rabobank £105m for seeking to manipulate LIBOR rates.
Between May 2005 and January 2011, some employees manipulated the bank’s own rates that formed part of the calculation of the published Japanese Yen (JPY), US Dollar (USD) and Great British Pound (GBP) LIBOR rates, the regulator found.
They also colluded with interdealer brokers in attempting to influence the JPY LIBOR submissions of other ‘Panel Banks’, and also colluded with those banks directly in relation to the JPY and USD.
The misconduct at Rabobank – full name Coöperatieve Centrale Raiffeisen -Boerenleenbank B.A. – undermined the integrity of those benchmark reference rates, the FCA said.
