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UK's RBS could face separate Libor fines: paper

November 26, 2012
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Source: Reuters

Royal Bank of Scotland (RBS.L) is facing the increasing likelihood of having to settle separately with the UK and U.S. authorities investigating its involvement in the global interest rate-setting scandal, the Sunday Telegraph said.

The British newspaper said RBS is concerned it could receive a "double hit" of separate fines - one from the UK's Financial Services Authority and one from the U.S. authorities.

The bank had been hoping to agree a single collective deal, similar to the one agreed by Barclays (BARC.L), which became the first, and so far only, bank to settle with regulators over the allegations that traders attempted to manipulate the setting of key inter-bank lending rates such as Libor, paying fines in June totaling 290 million pounds ($464 million).

RBS said earlier this month that it wanted to settle with regulators as soon as possible, enabling the part-nationalized bank to draw a line under the affair and continue with the recovery plan being led by Chief Executive Stephen Hester.

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