RBS braced for Libor probe fines

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RBS braced for Libor probe fines

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Royal Bank of Scotland, which faces fines for its part in the Libor global interest rate rigging scandal, has said it wants to reach a settlement as soon as possible.

The authorities in Britain and the US are investigating the part-nationalised bank over how it set Libor and other interest rates.

As RBS published its third quarter results, Chief Executive Stephen Hester said the timing of a settlement was in the hands of regulators.

“We are up for settling with all and every one as soon as they are ready.”

Hester said it was difficult to assess whether RBS would be hit with a bigger fine than Barclays, the only bank to settle so far.

RBS has dismissed a number of employees for misconduct after its own investigations into interest rate setting.

Libor and other past mistakes are threatening to overshadow Hester’s attempts to turn the bank around, which he said would be complete in the next 15-18 months.

More than a dozen banks are under investigation for wrongdoing over rates.