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Australian watchdog censures RBS over rate fixing
July 21, 2014 / 6:01 AM / in 3 years

Australian watchdog censures RBS over rate fixing

SYDNEY, July 21 (Reuters) - Australia’s markets regulator on Monday said it had censured the Royal Bank of Scotland Group after an investigation found that RBS traders had sought to influence the setting of the country’s benchmark inter-bank interest rate.

The bank will make a A$1.6 million ($1.5 million) donation toward promoting financial literacy after the internal RBS investigation found evidence that traders had tried to fix the Australian Bank Bill Swap Rate submission process, the Australian Securities and Investment Commission (ASIC) said.

Earlier this year, ASIC censured French lender BNP Paribas after revealing its traders had tried to influence the setting of inter-bank interest rates. ($1 = 1.0651 Australian Dollars) (Reporting by Swati Pandey; Editing by Stephen Coates)

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