European Commission investigation into LIBOR and TIBOR
December 4,2013
The Norinchukin Bank
The Norinchukin Bank has read today's press release issued by the European Commission indicating that the Commission has concluded its investigation into banks involved in setting LIBOR and TIBOR and has adopted a decision imposing fines on a number of financial institutions for having engaged in anti-competitive behaviour relating to LIBOR and TIBOR.
Norinchukin is not an addressee of the Commission decision. Norinchukin also confirms that it did not receive any statement of objections; that the European Commission did not open proceedings against Norinchukin; and that Norinchukin has not been involved at any stage in the settlement discussions that led to today's decision. The European Commission has not made any allegation of unlawful or inappropriate conduct against Norinchukin. Norinchukin is pleased that today's decision officially confirms its position.
As a panel bank for both LIBOR and TIBOR, Norinchukin was asked by the European Commission to provide information to help the European Commission in its inquiries. Norinchukin offered its full cooperation to the Commission.
Norinchukin is committed to maintaining the highest levels of regulatory compliance and believes that its conduct and actions in relation to LIBOR and TIBOR were and are consistent with that longstanding commitment.