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RBS Libor fine could exceed Barclays’ penalty

RBS Libor fine could exceed Barclays’ penalty

Category: Banking

Updated: 24/08/2012
First Published: 24/08/2012

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A Treasury Select Committee member has speculated that Royal Bank of Scotland (RBS) could incur fines beyond the £290 million imposed on Barclays, as a result of alleged involvement in inter-bank rate fixing.

According to John Mann, MP, rumours in the City have implied that the state-owned bank's involvement in the manipulation of Libor rates was 'noticeably worse' than that of Barclays.

Furthermore, an RBS insider has also recently claimed that poor internal procedures and checks at the bank meant "anyone could change Libor".

RBS has maintained that it "continues to co-operate fully with ongoing investigations relating to the setting of Libor and other interest rates".

A number of banks, including RBS and HSBC, are currently under investigation by UK and US regulators looking to establish the roles played by various institutions in the Libor scandal.

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