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The European Commission has fined eight banks - including RBS - a total of 1.7bn euros (£1.4bn) for forming illegal cartels to rig interest rates.
It said the banks had acted as a cartel in markets for financial derivatives. Interest rate derivatives are financial products used to manage the risk of interest rate movements. The Commission vice-president, Joaquin Almunia, said it was shocking that banks supposed to be in competition were colluding with each other....Read more here
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