About this
Report
Chairman's
Foreword
Corporate
Management Report Appendices Governance
Consolidated Financial Company Financial
Statements Statements
situation has remained unchanged. Furthermore, the receivers
sent a letter (August 10th) in which they describe on what
(possible) grounds their (future) claim(s) towards Rabobank in its
capacity of lender will be based. Rabobank is of the opinion that
no provision should be recognized per December 31, 2018.
Libor/Euribor
Rabobank has been involved for a number of years in several
regulatory proceedings in relation to benchmark-related issues.
Rabobank is cooperating, and will continue to cooperate, with the
regulators and authorities involved in these investigations. On
October 29,2013, Rabobank entered into settlement agreements
with a number of these authorities in relation to their
investigations into the historical Libor and Euribor submission
processes of Rabobank. All amounts payable under these
settlement agreements were fully paid and accounted for by
Rabobank in 2013. Rabobank, along with a large number of other
panel banks and inter-dealer brokers, has been named as a
defendant in a number of putative class action suits and
individual civil court cases brought before the Federal Courts in
the United States. These proceedings relate to US Dollar (USD)
Libor, British Pound Sterling (GBP) Libor, Japanese Yen (JPY)
Libor, Tibor (note: Rabobank was never a member of the TIBOR
panel), and Euribor. Rabobank and/ or its subsidiaries have also
received complaints and writs of summons ordering Rabobank
to appear before various Dutch, Argentine, United Kingdom, Irish,
and Israeli courts in civil proceedings (inc. class action suits)
relating to interest rate benchmarks. Since the 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. Rabobank Group
considers the Libor/Euribor case to be a contingent liability. No
provision has been made.
Other Cases
Rabobank is subject to other legal proceedings for which
provisions have been recognized.Thesecasesare individually less
significant in size and are therefore not separately disclosed. The
total provision for those cases amounts to EUR 92 million. In
addition to the contingent liability cases described above for
which an assessment regarding a possible outflow is not yet
possible, Rabobank has identified other less relevant cases in
terms of size as a contingent liability. The maximum amount
claimed for those contingent liability cases amounts to
EUR 101 million.
Annual Report 2018 - Company Financial Statements
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