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RBS traders boasted about rate fixing

RBS traders boasted about rate fixing

Category: Banking

Updated: 27/09/2012
First Published: 27/09/2012

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Royal Bank of Scotland traders boasted about operating a rate fixing cartel, an investigation into the Libor fixing scandal has revealed.

Ongoing investigations into the misconduct of traders found that traders exchanged messages stating how "amazing" Libor fixing was and how it could make them money.

According to court documents, Tan Chi Min, a former senior trader at RBS's global banking and markets division in Singapore , sent messages to fellow RBS traders and executives condoning the fixing of inter-bank rates.

On one occasion in 2008, Mr Tan stated: "Nice Libor, our six-month fixing moved the entire fixing, hahahah."

The revelations will do little to bolster chief executive Stephen Hester's claims this week that RBS is on its way to becoming a 'good bank'.

RBS is one of a number of banks under investigation by US and UK regulators, whilst the Serious Fraud Office considers whether to conduct a full criminal investigation into the scandal.

It is thought the state-owned bank could be forced to pay fines exceeding the £290 million incurred by Barclays this summer for its part in the scandal.

Whilst it is obvious that those responsible must be punished for their actions, it appears that ultimately it will be the UK taxpayer who foots the bill.

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