RBS chief expects fine over Libor scandal

The Royal Bank of Scotland expects to be fined for its role in the Libor rigging scandal, its chief executive has said.

RBS chief executive Stephen Hester. Credit: REUTERS/Luke MacGregor

Stephen Hester said the state-backed lender was in the process of being investigated by the Financial Services Authority over its role in attempting to manipulate the benchmark borrowing rate - a scandal that saw a number of executives resign including Barclays boss Bob Diamond.

Mr Hester told The Guardian:"RBS is one of the banks tied-up in Libor.We'll have our day in that particular spotlight as well".

He added: "Even though when all the Libor (fines) are out most of it is going to be around the wrongdoings of a handful of people at a number of banks. Those wrongdoings taint the whole industry beyond the handful of people and that makes it a huge problem."