RBS traders fired months ago over rate-fixing - report

Revelation comes after RBS confirmed it is one of the banks being investigated over manipulation of inter-bank lending rates.

By Fora Staff Sunday 1 Jul 2012, 4:31 PM

Jul 1st 2012, 4:31 PM 3,463 Views 4 Comments

https://jrnl.ie/506289

Image: Johnny Green/PA Wire

Image: Johnny Green/PA Wire

FOUR TRADERS FROM the Royal Bank of Scotland were sacked at the end of 2011 for their role in fixing inter-bank interest rates, sources said today.

The revelation comes after the state-rescued RBS confirmed it was being investigated for manipulating the rates at which banks lend to each other.

RBS, which is 82 per cent owned by the government, declined to comment when contacted by AFP.

Britain will hold a review into the setting of benchmark inter-bank interest rates and seek to criminalise rate-fixing, the Treasury finance ministry said Saturday, following a scandal at major lender Barclays.

The independent review aims to restore trust in Libor, a key benchmark reference rate that influences a swathe of other borrowing costs, after Barclays was hit with a record fine of £290 million for attempted manipulation.

- (c) AFP, 2012

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RBS traders fired months ago over rate-fixing - report