Jan 11 Royal Bank of Scotland is set to
pay large fines for its role in rigging the Libor interest rate.
Here is a look at RBS's troubles since 2007:
April 3, 2007 - RBS leads a consortium along with Fortis and
Spain's Santander to buy Dutch bank ABN AMRO. In
October, the consortium wins a bidding war against Barclays
for ABN AMRO with a 70-billion-euro offer, making it
the biggest banking takeover in history. The takeover comes just
before markets slump as the subprime credit crisis takes hold.
April 2008 - RBS announces a record 12-billion-pound rights
issue to cover a potential 5.9-billion-pound writedown on the
value of its toxic assets.
October/November 2008 - Britain is forced to pump 20 billion
pounds into the lender to shore up its capital position. Stephen
Hester is named to replace Fred Goodwin as CEO. The government
increases its stake to 58 percent after injecting a further 15
billion pounds into the lender and to 70 percent in January
February 2009 - RBS reports a loss of 24.1 billion pounds
for 2008, the biggest in British corporate history.
November 2009 - Britain announces it will inject another 25
billion pounds to prop up both RBS and Lloyds, taking the
taxpayers' stake in RBS to over 80 percent.
December 2010 - Goodwin and other RBS executives during the
financial crisis escape punishment by the Financial Services
Authority despite what the regulator describes as a "series of
bad decisions" in 2007 and 2008.
December 2011 - The FSA publishes its report, begun in 2009,
into RBS's near failure. The report blames RBS's "poor
management decisions" and flaws within the FSA itself. It also
recommends tougher rules to ensure that in future banking
executives can face "personal consequences" if a bank fails.
August 2012 - A joint New York-Connecticut investigation of
Libor sends subpoenas to Royal Bank of Scotland, and several
other banks. The subpoenas seek communication between executives
related to possible collusion that may have played a role in
alleged manipulation of the Libor rate.
September 2012 - RBS increases its target for job cuts at
its investment banking business to 3,800 by the end of 2013.
Hester has already axed 34,000 jobs since arriving at RBS.
January 2013 - RBS prepares to slash bonuses and may
consider sacking executives over the bank's role in fixing the