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Bank charges: RBS awaits decision on Libor fines

Royal Bank of Scotland (RBS) will today find out US regulators' decision on its involvement in the Libor rigging scandal. It is expected that the bank will be fined up to £500 million.

The government owns over 80 per cent of the bank, meaning that if the bank is fined then the taxpayer may have to cover a large amount of the cost.

Business secretary Vince Cable said in an interview with the BBC that he has told RBS that it should pay for its fines out of banker bonuses as he thinks it is unfair for its customers and taxpayers to have to cover it.

However, he also said that he cannot make RBS follow this instruction.

It is alleged that RBS worked with other banks to rig Libor during the financial crisis. This is the benchmark rate used to measure financial deals between banks and to their customers, which banks had been found to have manipulated for profit.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801535628-ADNFCR

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