Dutch lender Rabobank has fired four employees between 2008 and last year over the manipulation of interbank lending rates, a scandal which has now engulfed a dozen or more major banks around the world, a Dutch newspaper reported on Friday.
The Dutch agricultural cooperative bank is a member of the panel that sets the London Interbank Offered Rate ( Libor), a benchmark for the rate at which banks lend to each other and which underlies financial contracts from mortgages to complex derivatives worth trillions of dollars.
Two of the employees were dismissed in 2008 following an internal investigation by Rabobank, and the other two late last year, Het Financieele Dagblad reported, citing sources in the financial sector.
Note EU-Digest: the solution is not in firing individual employees but in fixing a malfunctioning and corrupt global banking industry.
Read more: Dutch lender Rabobank fires 4 employees over Libor rigging - The Economic Times
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