Contents Introduction Management report Appendices Corporate governance Consolidated Financial Statements Company Financial Statements
Rabobank and/or its subsidiaries have also received complaints
and writs of summons ordering Rabobank to appear before
various Dutch, United Kingdom and Irish courts in civil
proceedings relating to Euribor and other benchmarks.These
by various individuals and entities (including five Dutch
collective claim foundations, two of which have initiated legal
proceedings in the Netherlands).
Since the alleged class action suits and civil proceedings listed
above are intrinsically subject to uncertainties, it is difficult to
predict their outcomes. Rabobank takes the stance that it has
substantive and convincing legal and factual defenses against
these claims. Rabobank has the intention to continue to defend
itself against these claims.
As no reliable estimate can be made, Rabobank Group considers
the Libor/Euribor case to be a contingent liability. No provision
has been made.
BSA/AML
Per year end 2017 Rabobank, National Association (RNA),
a retail banking subsidiary of Rabobank in California, was
under investigation by the US Department of Justice (DOJ),
the US Office of the Comptroller of the Currency (OCC)
and the Financial Crimes Enforcement Network (FinCEN) in
connection with issues related to RNA's BSA/AML compliance
programme and the manner in which certain former employees
communicated with the OCC in 2013. In Q4 2017 RNA took
a provision of USD 369.2 million in anticipation of a potential
settlement as RNA had recently engaged in discussions to
settle these matters. On 7 February 2018 the DOJ, the OCC
and Rabobank and RNA announced that RNA has entered
into agreements with the DOJ and the OCC to conclude the
previously reported investigations. Recognizing the material
improvements the bank has made to its BSA/AML compliance
programme, the OCC has also terminated the Consent Order
issued in December 2013. RNA has agreed to pay approximately
USD 369.2 million in forfeiture and civil money penalties
and fines. It has also agreed to plead guilty to one charge of
conspiring to obstruct a regulatory examination. Under the
plea agreement's terms with the DOJ, no further action will
be taken against RNA with regard to its BSA/AML compliance
programme and related conduct. Given the overlapping nature
of the investigations and the bank's remediation, no additional
penalties or measures will be sought by FinCEN, which has
also concluded its examination. In February 2017 a criminal
complaint was filed with the Dutch Public Prosecutor (DPP)
against Rabobank, two group entities and the persons factually
in charge of these entities asking for a criminal investigation
in relation to the matters related to the DOJ investigation.
Rabobank understands that the DPP has received the complaint
and awaits the DPP's response to it. Rabobank has insufficient
information to determine if a provision should be recognised
for DPP's possible response.
Other cases
Rabobank Group is subject to other legal proceedings for
which a provision was recognised.These cases are individually
less significant in size and are therefore not further described.
The total provision for those cases combined amounts to 141
On top of the contingent liability cases described above for
which an assessment regarding a possible outflow is not yet
possible, Rabobank Group has identified a number of other,
less relevant cases in terms of size as a contingent liability.
Because these cases are less significant, Rabobank has chosen
not to describe these in detail.The principal amount claimed for
those contingent liability cases combined amounts to 91
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