Libor scandal: RBS fined £390 m

London. February 6. KAZINFORM Royal Bank of Scotland (RBS) has been fined £390m ($610m) by UK and US authorities for its part in the Libor rate-fixing scandal.

The UK's Financial Services Authority issued a fine of £87.5m, while about £300m will be paid to US regulators and the US Department of Justice.

In a statement, the bank said investigations had uncovered wrongdoing by 21 employees.

All 21 have either left or been disciplined, it said.

RBS said that £300m of the fines would be paid using money clawed back from bonuses already paid, and reductions to future bonuses.

It is the third major bank to admit attempting to manipulate Libor, after Barclays and Swiss bank UBS received fines last year.

Chairman Philip Hampton said it was a "sad day for RBS".

Full story

Currently reading