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Scotland: RBS fined $615 for LIBOR rate-rigging

By  |  February 6, 2013

According to reports, the Royal Bank of Scotland has been fined $615 million by both US and UK antitrust authorities for the bank’s manipulation of interest rates, otherwise known as LIBOR rates. RBS will also pleat guilty to wire fraud in Japan. According to the reports, RBS will use staff bonus money to pay the fine; its chairman Philip Hampton said Wednesday in an official statement that “the RBS board acknowledges that there were serious shortcomings” in its system. He also acknowledged that a “small group” of RBS employees were at fault for the issue – 21 traders were found to have manipulated the interest rates from at least 2006 up to 2010.

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