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RBS fined £390m

RBS fined £390m
Royal Bank of Scotland's chief executive has lashed out at banking "wrongdoers" after RBS was today fined a total of £390m for its role in the Libor rate-fixing scandal.

The bank, in which the Government has an 81% stake, is now the third to reach a settlement over Libor, after Barclays and UBS. The UK's Financial Services Authority issued a fine of £87.5m, while about £300m will be paid to US regulators and the US Department of Justice.

RBS chief executive Stephen Hester responded: "The behaviour of the 21 people who are accused of manipulating Yen and Swiss Franc Libor is disgraceful. They are wrongdoers. There is no place in our industry for the kind of behaviour."

Speaking to Sky News, he called the guilty parties "an extreme example of the selfish and self-serving culture, which... has too many echoes in what has gone wrong in the legacy of the financial boom".

Chancellor George Osborne said: "It is right that the senior management at RBS have taken action today, and I can also say that as with the previous fines, the fines from the British authorities will go to people who show the best of British values, including those who fight on our behalf in our armed forces."

Meanwhile, Vince Cable has urged the Chancellor to come up with a plan to return RBS to the private sector.

"We want to keep that option alive, but there is no immediate prospect of this happening," the Business Secretary told the Today programme.

Dr Cable is mooting proposals to privatise the bank by distributing free shares to the public.

Green Box: RBS fined £390mClick to open

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