On October 29, in the Netherlands Rabobank has announced that it has reached an agreement with US authorities, under the terms of which it will pay a fine of €774m for its involvement in the manipulation of the Libor and Euribor interest rates.
In response to the prospect of similar fines, Germany’s Deutsche Bank has set aside €4bn and Swiss bank UBS, which has already been forced to pay out more than €1bn, has prepared a provision of €500m, explains the daily. All of these sums will weigh heavily on the banks’ balance sheets.
Read the article at Presseurop here.
Read the original article at Der Standard here.