RBS could face 800m dollar LIBOR fine, media report claims
News agency Bloomberg has reported that Royal Bank of Scotland could face a fine of 800m dollars as soon as next week to settle allegations that traders tried to rig interest rates, citing two unnamed sources who it claimed had knowledge of the matter.
News agency Bloomberg has reported that Royal Bank of Scotland could face a fine of 800m dollars as soon as next week to settle allegations that traders tried to rig interest rates, citing two unnamed sources who it claimed had knowledge of the matter.
If the report proves accurate, it would represent the second largest fine levied by a regulator in the LIBOR investigation.
Bloomberg further reported that Investment Banking Chief John Hourican and Peter Nielsen, Head of Markets at RBS could also be asked to leave, again referencing the two unnamed.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
RBS' share price was down 1.10% to 360.50p at 09:11:57 on Tuesday morning.
RBS declined to comment when ShareCast contacted it on Tuesday morning.
MF
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
FCA reveals 'once in a generation' advice changes - what the reforms mean for you
Consumers to get free access to financial advice type help for pensions and investment following proposed changes from the regulator
-
Zoopla: House prices slows to 1.4% in May as rate of sales at four year high
The average UK property now costs £268,400, Zoopla says, but some areas of the country are experiencing much higher price growth than others.