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Bank charges: Japan RBS investment boss quits over Libor

The head of the investment arm at the Japanese division of Royal Bank of Scotland (RBS) has quit due to the bank’s involvement in the manipulation of the Libor rate.

This was after Japan’s regulator, the Financial Services Agency, found that compliance procedures within the bank were lacking and ordered it to improve on them.

Earlier this year, RBS was fined £390 million for manipulating the Libor rate, as it had been found that employees in London, Singapore and Tokyo had been involved in this.

In the UK, where the bank is 80 per cent owned by the taxpayer, there were fears that this fine would be paid using their money. However, chancellor George Osborne instructed RBS to pay the fine using banker bonuses. RBS agreed to follow this instruction when paying the portion of the fine going to US regulators.

RBS is one of three banks that has been fined for Libor manipulation. The other two are Barclays and UBS.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801570607-ADNFCR

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