×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: rbs | libor | rigging | fine

CEO of British Bank RBS Braced for Libor Rigging Fine

Sunday, 29 July 2012 04:04 PM

British bank RBS is braced to be punished over its role in the interest-rate rigging scandal that has rocked the industry, Chief Executive Stephen Hester said in an interview with The Guardian newspaper.

"RBS is one of the banks tied up in Libor. We'll have our day in that particular spotlight as well," Hester said in an interview published on the newspaper's website on Sunday.

Hester did not comment on the size of any possible fine but said that the investigation by Britain's financial regulator, the Financial Services Authority (FSA), was "in process." He admitted the affair had been damaging to all banks.

"Even though when all the Libor (fines) are out most of it is going to be around the wrongdoings of a handful of people at a number of banks, those wrongdoings taint a whole industry beyond the handful of people and that makes it a huge problem."

New details from court documents and sources close to the Libor scandal investigation suggest that groups of traders working at three major European banks, including RBS, were heavily involved in rigging the rates.

RBS could not be reached for further comment.

© 2022 Thomson/Reuters. All rights reserved.


191
2012-04-29
Sunday, 29 July 2012 04:04 PM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved