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RBS faces £350m fine over Libor scandal

RBS faces £350m fine over Libor scandal

Royal Bank of Scotland (RBS) is facing a fine of more than £350 million for its role in the Libor fixing scandal, according to The Sunday Times.

The paper said it understood the bank was negotiating with regulators in Europe and North America over a penalty following allegations some of its staff attempted to manipulate Libor. It said the fine was likely to exceed the £290 million paid by Barclays over Libor rigging.

But it added that the fine would not be announced until the penalty for UBS, thought likely to exceed $1 billion (£620 million) is announced.

RBS declined to comment to the paper.

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