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RBS faces fine over Libor fixing

RBS faces fine over Libor fixing

Category: Banking

Updated: 10/09/2012
First Published: 10/09/2012

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Royal Bank of Scotland is reportedly facing fines of up to £300 million for its involvement in the inter-bank rate fixing scandal.

Regulators in the US have been investigating the state-owned bank, and other institutions, following allegations that it manipulated Libor rates.

According to reports RBS is in 'advanced stages' of talks with authorities and is anticipated to make its first fine payment in the next three months.

RBS chief executive, Stephen Hester, admitted in July that the bank was bracing itself for a hefty fine, predicting that "we will have our day in that particular spotlight as well".

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