RBS facing hefty fine as Libor scandal spreads: report

LONDON Thu Jun 28, 2012 10:38pm EDT

LONDON (Reuters) - Royal Bank of Scotland (RBS.L) is set to be fined about 150 million pounds ($232.59 million) for participating in market manipulation offences similar to those engaged in by Barclays (BARC.L), the Times reported on Friday.

The newspaper cited informed sources as saying RBS accepted that it was guilty of offences similar to those committed by Barclays' traders, though at RBS they were more isolated and less serious.

The bank is thought to have accepted that it will probably have to pay about half as much as the 291 million pounds of fines imposed on Barclays, according to the Times. Any settlement with the various regulatory authorities is thought to be several months off, the Times said.

Barclays agreed on Wednesday to pay a record $453 million fine to U.S. and British regulators for attempting to manipulate the London Interbank Offered Rate in 2005-08.

(Reporting by Stephen Mangan; Editing by Matt Driskill)

We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/
Comments (1)
mulholland wrote:
It’s fraud. Counter parties can sue for the amount of the fraud. Individuals could be prosecuted.

Jun 29, 2012 1:12am EDT  --  Report as abuse
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.