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Market Update

RBS Agreed to $612 Million Libor Probe Fines


Author: Nigel Thomas
ticker.com
Last Update: 10:14 AM ET February 06 2013

Royal Bank of Scotland Group Plc increased 1.30 pence to 338.9 pence after the U.K. based largest lender agreed to fines to the U.S. and UK regulators totaling $612 million and avoided criminal penalties.

The bank will pay $325 million in fines to U.S. Commodity Futures and Trading Commission, $150 million to the Department of Justice and 87.5 million pounds to the Financial Services Authority, the U.K. financial regulators.

The Libor investigation has been slowly grinding and RBS has paid the second largest fine after the $1.5 billion paid by the Switzerland based UBS AG in December. Barclays agreed to pay 290 million pounds in fine in June of 2012.

RBS, 81% controlled by the U.K. government, said it will recoup $300 million from bonuses that are subject to claw-backs.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc