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Dutch giants APG, PGGM exploring possibility of future LIBOR claims

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NETHERLANDS – The large Dutch asset managers APG and PGGM are exploring their options for possible future legal claims against banks involved in the manipulation of the London Interbank Offered Rate (LIBOR).

Harmen Geers, spokesman for the €329bn APG, the asset manager of the €292bn civil service scheme ABP, said: "Currently, we are examining whether, when and how LIBOR-rigging might have affected our interests."

According to Geers, APG is trying to establish when manipulation took place, the scale of the manipulation and which trades were conducted at the time.

He said the next step would be to find out the legal options to pursue claims against banks involved.

The spokesman stressed the "complexity" of the investigation, noting that APG had not ruled the possibility that LIBOR-rigging actually benefitted the asset manager's business, "as swaps could have been concluded cheaper".

He added that APG was expecting a "long-term investigation".

"However," he said, "it would be very useful if supervisors in the UK could produce the details."

PGGM, the €140bn asset manager for the healthcare scheme PFZW, is also exploring whether it incurred losses stemming from LIBOR manipulation, according to Maurice Wilbrink, its spokesman.

Wilbrink also emphasised the complexity of the case, pointing out that no conclusion had been reached and that he could not provide further details.

He said PGGM's investigation was part of its engagement process with banks.

So far, global regulators have issued more than €1.9bn in fines to Barclays, Royal Bank of Scotland and UBS for manipulating LIBOR, the benchmark for €225trn of securities.

An investigation into the involvement of the Netherlands' Rabobank is still ongoing.

Since last April, BBA Libor has been authorised and regulated by the Financial Conduct Authority in the UK.

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