RBS close to settlement over its fine for Libor
Friday 02 November 2012
Royal Bank of Scotland is entering the final round of negotiations with regulators over its role in the Libor-rigging scandal and the scale of fine it can expect following Barclays' £290m settlement.
Chief executive Stephen Hester said he would be "disappointed" if RBS had not reached a settlement by the time of its full-year results in February. He added: "It is very hard to guess at the scale of the fine because I don't know what the charge sheet is. But even if it were to be less than Barclays' it will still be a very miserable day in the history of RBS."
While RBS's main regulator is the Financial Services Authority, it is also in talks with the US Commodity Futures Trading Commission, the US Department of Justice (Fraud Division) and regulators in Europe and Asia.
It said it had dismissed "a number of employees" over Libor but would not say how many.
RBS, which is still 80 per cent owned by the taxpayer, also increased the amount it has set aside to compensate customers who were mis-sold payment protection insurance by £400m, to £1.7bn.
Finance director Bruce van Saun said: "All of the banks have been guilty of underestimating the response rate from their customers."
That extra charge helped to push RBS to a pre-tax loss of £1.3bn against a profit of £2bn a year ago. But at the core operating profit level, the "new" bank, there was a 67 per cent rise in profits to £1.6bn.
This was driven by better profits in retail and investment banking but there was a decline in corporate profits.
- 1 Malaysia Airlines MH17 crash: Pro-Russian rebel 'admits to shooting down plane'
- 3 Israel-Gaza conflict: The myth of Hamas’s human shields
- 5 Dutch paedophile club to fight their ban at the European Court of Human Rights
Malaysia Airlines MH17 crash: Vladimir Putin is given 'one last chance' to end hostilities in Ukraine
The 'scroungers’ fight back: The welfare claimants battling to alter stereotypes
The truth about conspiracy theories is that some require considering
Malaysia Airlines MH17 crash: Ukrainian military jet was flying close to passenger plane before it was shot down, says Russian officer
Malaysia Airlines MH17 crash: Massive rise in sale of British arms to Russia
Malaysia Airlines MH17 crash: victims’ bodies bundled in black bags and loaded onto trains
iJobs Money & Business
£350 - £400 per day: Orgtel: PMO Analyst - Banking - London - £350 -£400 per d...
£300 - £350 per day + competitive: Orgtel: Cost Reporting Manager - MI Packs -...
£35000 - £40000 Per Annum plus 23 days holiday and pension scheme: Clearwater ...
£475 - £525 per day: Orgtel: Test Lead, London, Investment Banking, Technical ...