Libor scandal claims second executive at Rabobank

DutchNews.nl, Monday 18 November 2013

The head office of Rabobank

in Utrecht (NOS/ANP)

The Rabobank executive in charge of the department where bankers were embroiled in an interest rate fixing scandal has resigned.

Sipko Schat is stepping down because ‘it has recently become apparent that there is insufficient support from the local member banks for him to stay’, the bank said in a statement.

There was widespread criticism of the fact that Schat remained in his post, after the US, British and Dutch regulators fined Rabobank €774m for its role in the Libor scandal.

Chief executive Piet Moerland has already resigned but was due to retire in 2014. Fourteen bank workers have faced disciplinary measures such as the loss of bonuses and five were sacked for their role in the scandal.

It is not clear if Schat will leave with a golden handshake. ‘Rabobank will consult an independent third party to make a decision on the conditions,’ the bank statement said, referring to ‘sensitivities around compensation’.

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