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Bank charges: Taxpayers could face £500m bill for RBS

Taxpayers could be paying £500 million in fines to the US on behalf of the Royal Bank of Scotland (RBS), the Telegraph has reported.

American watchdogs are deciding the cost of RBS’s fine for its involvement in the London interbank Offered Rate (Libor) Scandal with the current estimate at £500 million.

Libor is a global benchmark interest rate of £350 trillion to be used for financial products such as savings accounts, mortgages and credit cards.

It emerged that banks had been manipulating the interbank rate, in some cases as a way of securing profits in the wake of the financial crisis.

A former trader for RBS accused the bank of Libor-rigging to gain large sums of money.

Because the government owns 81 per cent of RBS, taxpayers will have to pay most of the fine that RBS incurs. The remainder will be paid by the Financial Services Authority (FSA).

Almost all money paid will go to regulators in the US. The cut paid by the FSA will eventually be paid back into government in the UK.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801523335-ADNFCR

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