Readers like you keep news free for everyone.

More than 5,000 readers have already pitched in to keep free access to The Journal.

For the price of one cup of coffee each week you can help keep paywalls away.

Support us today
Not now
Monday 25 September 2023 Dublin: 18°C
Johnny Green/PA Wire
# Libor
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.

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

Your Voice
Readers Comments
    Submit a report
    Please help us understand how this comment violates our community guidelines.
    Thank you for the feedback
    Your feedback has been sent to our team for review.