Market Updates
RBS Agreed to $612 Million Libor Probe Fines
Nigel Thomas
06 Feb, 2013
New York City
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Royal Bank of Scotland Group Plc agreed to pay the second largest fine linked to the Libor probe to the regulators in the U.S. and U.K. The bank narrowly avoided the criminal charges and its Japanese unit was also snared in the investigation.
Royal Bank of Scotland Group Plc increased 1.30 pence to 338.9 pence after the U.K. based largest lender agreed to fines to the U.S. and UK regulators totaling $612 million and avoided criminal penalties.
The bank will pay $325 million in fines to U.S. Commodity Futures and Trading Commission, $150 million to the Department of Justice and 87.5 million pounds to the Financial Services Authority, the U.K. financial regulators.
The Libor investigation has been slowly grinding and RBS has paid the second largest fine after the $1.5 billion paid by the Switzerland based UBS AG in December. Barclays agreed to pay 290 million pounds in fine in June of 2012.
RBS, 81% controlled by the U.K. government, said it will recoup $300 million from bonuses that are subject to claw-backs.
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