In a statement to the House of Commons, Financial Secretary to the Treasury Greg Clark said the manipulation of Libor was "motivated by greed" and the findings against RBS were "grave":
This is another day of shame for Britain's banks, and it is vital that we recognise it as such, not because Britain stands alone in this and similar scandals - which, as we know, is far from being the case - but because Britain must stand out in the way we put things right.
So let there be no excuses. Instead, let us have enduring, fundamental reform and let us have justice too.
Any organisation or individuals found guilty of a crime must take full responsibility and should be punished by law, while the ordinary taxpayer must not and will not pay the price of their misdeeds.