RBS traders boasted about rate fixing - Banking - News - Moneyfacts

News

RBS traders boasted about rate fixing

RBS traders boasted about rate fixing

Category: Banking

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

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

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.

What Next?

Find the best bank account for you - compare bank accounts

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Simple measures to improve banking security

The payments industry is gearing up for some big changes in the near-future, with the announcement of some key improvements that should help all of us be more secure when banking online.

Top cashback deals for festive rewards

Savvy shoppers will no doubt be looking to make the most of their hard-earned cash at this time of year, but there isn’t much time left to work out which are the good deals and which are the bad, so it’s time to take action!

Top cashback deals for festive rewards

Savvy shoppers will no doubt be looking to make the most of their hard-earned cash at this time of year, but there isn’t much time left to work out which are the good deals and which are the bad, so it’s time to take action!
 
Close