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06/02/2013
RBS Fined Over Libor Rate-Fixing
Royal Bank of Scotland has been fined £390m for its part in the Libor rate-fixing scandal.
UK and US authorities imposed the fine, with the UK Financial Services Authority (FSA) issuing a penalty of £87.5m, while £300m will be paid to US regulators and the US Department of Justice.
RBS says it has uncovered wrongdoing by 21 employees, all of whom have either left or been disciplined.
£300m of the fine will be paid using money clawed back from bonuses already paid and reductions on future bonuses, according to the bank.
Chairman Philip Hampton said it was a "sad day for RBS".
"There were serious shortcomings in our systems and controls and also in the integrity of a small group of our employees," he said in a statement.
"We have to fix the culture in the banking industry... the board has used all means possible to ensure the gravity of this issue is reflected in the remuneration received by employees."
The FSA called the misconduct at RBS "widespread" and said it involved "a number of employees and occurred over a number of years".
But the bank will qualify for a 30% discount on the fine due to its having settled at an early stage of the investigation. The UK-imposed fine would have been £125m, had his not been the case.
Meanwhile, RBS's Japanese subsidiary has pleaded guilty to one count of wire fraud.
The charge relates to manipulation as part of the settlement with US regulators.
It has also been revealed that the head of RBS's investment banking arm, John Hourican, will leave the bank.
(IT)
UK and US authorities imposed the fine, with the UK Financial Services Authority (FSA) issuing a penalty of £87.5m, while £300m will be paid to US regulators and the US Department of Justice.
RBS says it has uncovered wrongdoing by 21 employees, all of whom have either left or been disciplined.
£300m of the fine will be paid using money clawed back from bonuses already paid and reductions on future bonuses, according to the bank.
Chairman Philip Hampton said it was a "sad day for RBS".
"There were serious shortcomings in our systems and controls and also in the integrity of a small group of our employees," he said in a statement.
"We have to fix the culture in the banking industry... the board has used all means possible to ensure the gravity of this issue is reflected in the remuneration received by employees."
The FSA called the misconduct at RBS "widespread" and said it involved "a number of employees and occurred over a number of years".
But the bank will qualify for a 30% discount on the fine due to its having settled at an early stage of the investigation. The UK-imposed fine would have been £125m, had his not been the case.
Meanwhile, RBS's Japanese subsidiary has pleaded guilty to one count of wire fraud.
The charge relates to manipulation as part of the settlement with US regulators.
It has also been revealed that the head of RBS's investment banking arm, John Hourican, will leave the bank.
(IT)
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RBS Fined Over System Failure
Financial regulators have fined the Royal Bank of Scotland (RBS) £56m over a 2012 software issue that left millions of customers unable to access their money and wrongly charged as a result. The bank had begun an upgrade of system software across its business, which includes NatWest and Ulster Bank.
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RBS Fined Over Transaction Failures
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Bank Of England Maintains Bank Rate At 0.5%
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Bank Of England Maintains Bank Rate At 0.5%
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British Woman Jailed For 14 Years In Indonesia
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British Woman Jailed For 14 Years In Indonesia
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Olympic Ticket Tout Jailed
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Olympic Ticket Tout Jailed
A ticket tout who was seen to be selling Olympic tickets outside the Excel Centre has been sentenced to 28 days in custody. Josef Aguirre, 29, was arrested on Tuesday, 31 July by officers from the Metropolitan Police and handed the custodial sentence following an appearance at Stratford Magistrates’ Court on Wednesday, 1 August.
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Northern Ireland WeatherToday:Very windy with persistent and occasionally heavy rain at first, becoming drier with the wind easing towards midday. Mainly dry with bright spells increasing during the afternoon. Milder than of late. Maximum temperature 14 °C.Tonight:Cloudy with clear spells, mainly dry evening becoming windy with rain at times from late evening. Turning drier with clear spells towards morning. Milder than of late. Minimum temperature 2 °C.
