Tweet
Royal Bank of Scotland is bracing itself for humiliation over Libor with insiders warning of a dossier of embarrassing emails linked to the rate-rigging scandal. UBS is expected to be the second bank to be named, shamed and fined by regulators investigating attempts to manipulate the crucial London Interbank Offered Rate interest rate. RBS is likely to be forced into the public spotlight shortly afterwards.The Swiss bank is expected to be fined more than £300 million within the next few days by the Financial Services Authority and the US’s Securities and Exchange Commission over attempts by some of its traders to fraudulently fix the Libor rate....Read more here: Royal Bank of Scotland dreads release of Libor scandal emails
- Hi & Welcome to the AAD Consumer Forum
We're a FREE consumer debt and legal forum offering help, support and debate in many areas of day-to-day life. You will need to Register a Free Account before you can join in with the discussion and contribute with your own posts. Remember to also check out the FAQ's so you can get to grips with how the forum works ready to start posting your new topics. Read about the new GDPR 2018 Rules and how it affects you as a member of AAD.
RBS executives are resisting any guilty plea, the WSJ said, citing people close to the negotiations. "Discussions with various authorities in relation to Libor setting are ongoing. We continue to cooperate fully with their investigations," an RBS spokesman said. The financial penalty is expected to be around £500m, the report said, with the settlement coming within weeks....Read more here
Royal Bank of Scotland (RBS) is expected to be fined a total of about £400m ($625m) by UK and US regulators later as a result of the Libor scandal. The head of RBS's investment banking arm since 2008, John Hourican, is also expected to step down. However, there is no suggestion he was involved in the scandal. RBS is accused of colluding with other banks to rig Libor rates during the global financial crisis. Barclays and UBS have already received fines......Read more here
In a statement, the bank said investigations had uncovered wrongdoing by 21 employees. All 21 have either left or been disciplined, it said. RBS is the third major bank to admit attempting to manipulate Libor, after Barclays and Swiss bank UBS......Read more here