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Bank charges: RBS fined £390m in Libor scandal

Royal Bank of Scotland (RBS) has been fined £390 million for fixing the Libor rate.

US regulators and its Department of Justice will receive around £300 million of the fines while the UK’s Financial Services Authority has levied £87.5 million.

It was uncovered that RBS had been working with others to fix the Libor rate up until 2010, even after regulators had begun investigating the banks conduct in relation to Libor.

RBS admitted that it had found 21 employees who were guilty of wrongdoing and they have since either been disciplined or have left the bank.

As the government owns over 80 per cent of the bank, it was feared that the taxpayer would have to cover the majority of the fine. However, Chancellor George Osborne said that the bank should cover the fine rather than the taxpayer. RBS agreed to cover the fine from US authorities by having employees pay bonuses back and by reducing future bonuses.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801536610-ADNFCR

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