At RBS a big Libor fine looms
A strange thing is going on behind the scenes at RBS at the moment as the bank we own tries to deal with the Libor fixing fallout.
Libor rate-fixing scandal - 'We have been misled'
The City regulator will condemn the "shocking" behaviour of traders in the old rates setting system, but will refuse to scrap it altogether.
Were the banks running a Libor 'cartel'?
By late tomorrow we'll have a good idea on how the system of setting interest rates between banks, the Libor, is to be reformed.
Live updates
RBS pays the price for ‘legacy conduct issues’
Royal Bank of Scotland has detailed the “material impact” of “conduct issues” as part of its 2012 annual figures, these include:
- A £450 million charge in relation to Payment Protection Insurance (PPI)
- RBS provided £50 million over structured collar products
- A further charge of £650 million over interest rate hedging products
Penalties of £381 million will be paid for Libor and other trading rates following an agreement with the Financial Services Authority earlier this month.
Osborne: Libor fines to help fund military charities
Three military charities are to be given money from fines imposed on banks for their involvement in the Libor rate-fixing scandal, Chancellor George Osborne has announced.
The three charities to get a share of £1.3m are the Felix Fund, Tickets for Troops and Soldiers, Sailors, Airmen and Families Association.
Read more: Facts about Libor and the banking scandal
Mr Osborne told the BBC: "I wanted to take money that was paid in fines by people who, frankly, demonstrated the worst of the values in our society and help support those who demonstrate the very best values in our society - and those are the soldiers and sailors and airmen who fight on our behalf".
Advertisement
Banks braced for difficult and bruising week ahead
by Laura Kuenssberg - Business EditorDon't care about the banks? Look away now... as this is going to be a very important, and probably bruising week.
The Chancellor is expected to give the Bank of England power to split misbehaving banks up, bank bosses and the new Governor will appear in front of MPs and RBS' Libor fine is likely.
Osborne 'wants bank bonuses to cover US Libor fines'
Chancellor George Osborne has told the state-backed Royal Bank of Scotland that bankers' bonuses must cover any international fines imposed for the Libor rate-rigging scandal, a senior Treasury source has said.
Senior RBS figures, bracing themselves for a major penalty from US regulators, were apparently warned that use of taxpayer funds to cover any penalties would be 'totally unacceptable'.
The Treasury source said: "The Chancellor has made it clear that on this occasion the bill for any US fine should be paid for by the bankers, and not the taxpayer."
Osborne tells RBS any Libor fines must come from bonus pot
by Alex Forrest - Political CorrespondentThe Treasury has confirmed that George Osborne "laid down the law" to RBS earlier this week that it would be unacceptable for taxpayers to have to pay for the mistakes of the Libor scandal.
Osborne, said the source, was very clear that any fines RBS pays should come from the company's bonus pot.
At RBS a big Libor fine looms
A strange thing is going on behind the scenes at RBS at the moment as the bank we own tries to deal with the Libor fixing fallout.
Read the full storyAdvertisement
Report: RBS in talks with regulators over Libor fines
The Royal Bank of Scotland is in talks with regulators from the UK and US over fines to be paid for its role in the Libor scandal, according to the BBC.
The bank released the following statement:
– Royal Bank of Scotland statementDiscussions with various authorities in relation to Libor setting are ongoing.
We have not yet agreed a settlement with any regulator, however, we continue to co-operate fully with their investigations.
UBS fined in rate-rigging Libor scandal
Swiss bank UBS has agreed to pay £940 million in penalties over fixing the Libor interbank lending interest rate. The penalty was agreed with US, UK and Swiss regulators.
ITV News Economics Editor Richard Edgar reports:
US charges two former UBS traders over Libor rigging
Two former UBS traders have been charged by United States prosecutors in connection with efforts to manipulate Libor interest rates.
The move comes after the Swiss bank was fined £940 million by regulators for "extensive and widespread" attempts to rig interbank lending rates.
Former traders Tom Hayes and Roger Darin have been charged with conspiracy to manipulate the interbank lending rate. Mr Hayes has also been charged with wire fraud and an antitrust violation.
US to seek extradition of two former UBS traders
The US will seek the extradition of two former senior UBS traders who face criminal charges as part of a probe into Libor rate-fixing, a top official has said.
"We're going to seek their extradition and our investigation continues," Lanny Breuer, assistant attorney general for the criminal division at the US Justice Department said.
The criminal complaints are against former traders Tom Hayes and Roger Darin.
We believe that one of them is in England. The other one is in Switzerland.
Mr Hayes obviously was a very, very major trader, and we're going to continue to move forward.
Today's top stories
