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RBS fined £390m over Libor

The Royal Bank of Scotland has been fined £390m by the Financial Services Authority and US authorities for its role in the Libor rate-rigging scandal.

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RBS boss sends message to staff over Libor scandal

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".

We will update you as soon as we can on our progress in resolving investigations into the setting of Libor at RBS. However, inevitably, as and when we do reach resolution, this will be accompanied by further intense media and political interest and criticism.

In many ways, the Group's involvement in this issue has been the biggest disappointment of our legacy and clean up job to date.

What I can promise is that along with our Chairman, Philip Hampton, I will not be ducking the difficult questions that come our way. Philip and I will explain what went wrong and what we have done to fix it. We will also ensure that wrongdoers have been punished.

– RBS Chief Executive, Stephen Hester

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