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RBS facing hefty fine as Libor scandal spreads: report
June 29, 2012 / 2:41 AM / 5 years ago

RBS facing hefty fine as Libor scandal spreads: report

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

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