By Michael Northcott Thursday, 07 February 2013

RBS handed £390m Libor fine

The Royal Bank of Scotland has been fined £390m for 'widespread misconduct' surrounding the Libor rate-rigging scandal.

Regulators from both sides of the pond have fined RBS a total of £390m, after alleging that a manager and traders in its offices across the world were responsible from trying to manipulate the Japanese yen and Swiss franc Libor lending rates hundreds of times.

In a statement, the US Commodity Futures and Trading Commissions said the bank ‘lacked internal controls, procedures and policies’, and had ‘failed to adequately supervise its trading desks and traders’.

To see MT’s previous coverage of this story, click here, and to hear the response of CEO Stephen Hester to the fines, see the video below:

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