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."
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