- 21 updates
The bank's traders were based in London, Singapore and Toyko and traded in Swiss Francs and Yen Libor - not Sterling. That means they were not rigging the rates that affect UK mortgages, loan rates or credit cards. This is an important difference between what has happened with Barclays.
- RBS will pay fines of £390 million pounds for the behaviour of 21 members of staff between 2006 and 2010
- 14 of those staff have already left, 7 are either in disciplinary proceedings or on their way out or were very junior so won't lose their jobs
- The bank will pay £300 million - the share of the fine to go to the American authorities - through getting back money from bonuses that have already been paid, or this year's bonuses or future payments
- The other £90 million will come from the investment bank's profits and go to the Treasury
John Hourican, the head of RBS' investment bank, will today announce his departure from the company with a payoff of up to £700,000, The Times reports (£).
He would become the bank's most senior employee to lose his job over the Libor-fixing scandal.
Hourican was unaware of the rate-fixing activity but was in charge of the division responsible for it, according to the report.
Business secretary Vince Cable will today revive a plan to return the Royal Bank of Scotland to the private sector.
Speaking to ITV Daybreak he said if the country was to recover from the prolonged banks crisis, positive initiatives to get the banks lending again needs to be introduced.
A tsunami measuring 0.9 metres (3 ft) has hit the Solomon Islands, the Pacific Tsunami Warning Centre reports.
The Business secretary Vince Cable will today revive a plan to return the Royal Bank of Scotland to the private sector, the Financial Times reports.
It comes as the bank prepares to announce a settlement with the UK's Financial Services Authority and US regulators.
According to the newspaper, Mr Cable will call for the Chancellor to consider radical measures to ensure the government's 82% stake in the bank is returned to private hands.
The measures would include a giveaway of free shares to the public.
Mr Cable is expected to say hope of privatising the bank “now looks a distant dream, unless at an unacceptable loss”.
Ahead of the announcement of fines to be paid by the Royal Bank of Scotland over the Libor scandal, its chief executive Stephen Hester sent a message to staff saying it was "the biggest disappointment of our legacy".
According to the Daily Telegraph, it said:
The head of Royal Bank of Scotland's investment banking division is expected to step down over the Libor rate-rigging scandal it has been reported.
John Hourican joined the RBS Group in 1997 and has headed its investment banking arm since October 2008.
The news comes ahead of an announcement of the fines over Libor which could be as much as £500m.
Latest ITV News reports
14 of those staff have already left following the Libor rate rigging scandal.
A look at some facts about Libor and the rate-rigging banking scandal.