Schikking Liborfraude Rabobank

Interne emails Libor-fraude: 'sure will do mate'

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Dossier schikking liborfraude rabobank
Interne emails Libor-fraude: 'sure will do mate'
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'Wat ga je doen met 1 maands Libor? Zo laag als mogelijk.' 'Geen zorgen maat.' Deze details hebben de Rabobank gedwongen om de Libor-fraude te schikken met 774 miljoen euro.

Submitter B:

[Trader 1] you’re ringing about six month Yen LIBOR again aren’t you?

Trader 1:

Yes, yes, yeah

Submitter B:

That’s all you’re, that’s all you care about for the moment, isn’t it?

Trader 1:

[Laughs.]

Submitter B:

I saw an email from you . . . as well.

Trader 1:

Oh, OK, OK.

Submitter B:

We’ll make sure your six month Yen LIBOR goes in where you want it, don’t worry.

Trader 1:

Thank you very much mate, yeah.

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4.14 Examples of improper Internal Requests are set out below:

(1) On 15 September 2006, Trader 2 asked Submitter A for the “USUAL FAVOURS, CAN YOU KEEP 3S AT 39 FOR THE NEXT FEW DAYS PLS MATE.

Page 10 of 24 Submitter A replied, “will do”, and then proceeded to keep three month USD LIBOR at 5.39 until 21 September.

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(2) On 2 November 2006,

Trader 3 emailed Submitter B, requesting a “low” 6 month JPY LIBOR submission.

Submitter B replied “no prob” and even asked “how does 52 sound?”, which was Rabobank’s six month JPY LIBOR submission for the day.

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(3) On 14 February 2007, Trader 3 asked Submitter C, “Can you keep your 6m yen libor at 0.62 today if poss as have a large fixing today?

Submitter C replied, “sure will do mate.” Rabobank’s six month JPY LIBOR submission was consistent with this request.

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(4) On 4 August 2008, Trader 4 emailed to Submitter B, saying: “GOOD MORNING. PLEASE SET TODAY’S 6MTH [JPY] LIBOR AT 0.96 I HAVE A CHUNKY FIXING . . . THANKS FOR YOUR HELP.

Submitter B replied, “NO WORRIES MATE”, and as requested made a six month JPY LIBOR submission of 0.96. 

 

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