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RBS fined $612 mn, settles Libor probe

State-rescued Royal Bank of Scotland said it will pay fines totalling $612 million to US and British regulators to settle allegations of Libor interest rate rigging.RBS, which is 81%-owned by the British government, said it has agreed to pay the equivalent of £391 million to regulators, becoming the third bank to admit its part in the Libor affair after Barclays and UBS.

india Updated: Feb 07, 2013 22:10 IST
AFP
Hindustantimes

State-rescued Royal Bank of Scotland said it will pay fines totalling $612 million to US and British regulators to settle allegations of Libor interest rate rigging.
RBS, which is 81%-owned by the British government, said it has agreed to pay the equivalent of £391 million to regulators, becoming the third bank to admit its part in the Libor affair after Barclays and UBS.

The investigations uncovered “wrongdoing” by 21 employees, predominantly in relation to the setting of the bank’s yen and Swiss franc Libor submissions between October 2006 to November 2010, the bank said.

RBS added it had been fined $325 million by the US Commodity Futures Trading Commission, $150 million by the US Department of Justice (DoJ) and £87.5 million by Britain’s Financial Services Authority.