Euribor Facing Bank Exodus on Rabobank Departure, EBF Says
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Euribor, the base rate for trillions of euros of lending, may face an exodus of contributors after Rabobank Groep’s departure, according to the banking lobby that administers the scandal-hit benchmark.
“If some other very important banks witness Rabobank deciding to leave, they might do the same,” Cedric Quemener, director of Brussels-based Euribor-EBF, which is tied to the European Banking Federation, said in an interview. Rabobank “is a very credible institution” and Euribor “could lose some credibility,” he said.