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RBS fined £87.5 million in UK for Libor failings

Feb 06 2013 Compliance Complete news team

The Financial Services Authority has fined Royal Bank of Scotland £87.5 million, net of a 30 percent early settlement discount, for its part in widespread attempted rigging of the London Interbank Offered Rate. In a statement the FSA said the individuals involved in the breaches, between January 2006 and November 2010, were located in the UK, Japan, Singapore, and the U.S. It thanked the U.S. Commodity Futures Trading Commission, the U.S. Department of Justice, together with the Federal Bureau of Investigation, the Monetary Authority of Singapore, and the Japanese Financial Services Authority for their cooperation. The regulator detailed the misconduct as: Making Japanese yen and Swiss franc Libor submissions that took into account its derivatives trading positions. Allowing derivatives traders to act as substitute submitters and make yen Libor submissions that took into account its derivatives trading positions. Making yen, Swiss franc and US dollar Libor submissions that took

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