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RBS reaches settlement with European Commission


Wednesday, 4 Dec 2013 06:14am EST 

Royal Bank of Scotland Group PLC:Says has reached a settlement with the European Commission in relation to competition law breaches concerning certain interest rate derivatives referenced to the London Interbank Offered Rate based on Japanese Yen (Yen LIBOR) and the Euro Interbank Offered Rate (EURIBOR).Says RBS was one of seven banks and brokers implicated in respect of Yen LIBOR competition infringements and has agreed to pay a settlement penalty of 260,056,000 euros to resolve the investigation.Says RBS was also one of seven banks implicated in the EURIBOR competition infringement and has agreed to pay a settlement penalty of 131,004,000 euros to resolve the investigation.Says both payments are covered by provisions already made by RBS.