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Sunday 21 September 2014

RBS to make £390m payment over Libor

Published 06/02/2013 | 13:44

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ROYAL Bank of Scotland will pay £390m to U.S. and British authorities to settle allegations it manipulated key interest rate benchmarks including the London interbank offered rate (Libor).

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The bank said on Wednesday John Hourican, head of RBS's investment bank had agreed to leave following the misconduct of staff in that business.

 

Part state-owned RBS is the third bank to be punished following investigations into rate-fixing by authorities around the world.

 

Switzerland's UBS agreed to pay over a billion to settle charges while Barclays also had to stump-up.

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