Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Royal Bank of Scotland Group plc    RBS   GB00B7T77214

Delayed Quote. Delayed  - 08/31 09:46:42 am
204.0657 GBp   +1.98%
08/26 ROYAL BANK OF S : Haydock Finance Increases Funding To 37.5m
08/25DJCREDIT MARKETS : Investors Renew Appetite For CoCos -- WSJ
08/25 ROYAL BANK OF S : Redemption of USD Preference Shares Series R and T
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

Royal Bank of Scotland Group plc : EU offers banks chance to cut fines in rate-fixing probe: sources

share with twitter share with LinkedIn share with facebook
share via e-mail
0
02/22/2013 | 01:26pm CEST

The European Commission wants to conclude its investigation into the fixing of lending benchmarks Euribor and Libor this year and has offered several banks under suspicion the possibility of a settlement to reduce hefty fines, sources said.

If the banks were to agree to such a settlement, it would allow the EU's antitrust chief Joaquin Almunia to wrap up his investigation as soon as this year and before his term as antitrust commissioner draws to a close in late 2014.

"Almunia wants decisions on the cases by the end of the year," said one of the sources familiar with the investigation.

The offer comes almost 18 months after the Commission raided a number of banks suspected of Euribor rate rigging. It later widened its investigation to other benchmarks.

The move signals that there is a prospect of reduced fines from Brussels in return for ending any activities that could lead price-fixing of Euribor, the euro interbank-offered rate, and its larger counterpart the London Interbank Offered Rate (Libor).

Many banks are reluctant, however, to settle with the Commission because they believe the charges are unfounded, they said.

If they resist and the Commission later finds them guilty of manipulation, they would face a fine equivalent to 10 percent of their annual revenue. That could rise to three times as much if individual banks are prosecuted for rigging three benchmarks. By settling, the fines would be reduced.

A spokesman for Almunia declined to comment on the prospect of any settlement.

Heavy penalties already loom in other regions. The United States and Britain will by mid-year levy more fines against those alleged to have been involved in interest rate rigging, sources close to the probe said.

U.S. and UK regulators have fined three banks to date - RBS, Britain's Barclays and Switzerland's UBS - a total of $2.6 billion for allowing traders to game Libor interbank rates in a global scam.

Earlier on Friday, Almunia said he had widened his investigation of suspected unfair fixing of lending benchmarks such as Euribor and Libor to interest rate products for the Swiss franc.

Euribor and Libor are the key gauges of how much banks pay to borrow from each other, and are used as reference points for swathes of financial products from Spanish mortgages to derivatives contracts sealed in London.

Both are set using interbank borrowing rates submitted by banks.

(Writing by John O'Donnell; Editing by Will Waterman)

By Foo Yun Chee

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on ROYAL BANK OF SCOTLAND GRO
08/27 INFOSYS : Cautious on spending, citing pullback in uk, post brexit
08/26 ROYAL BANK OF SCOTLAND : Haydock Finance Increases Funding To 37.5m
08/25DJCREDIT MARKETS : Investors Renew Appetite For CoCos -- WSJ
08/25 ROYAL BANK OF SCOTLAND : Redemption of USD Preference Shares Series R and T
08/25 ROYAL BANK OF SCOTLAND : Learn how to avoid fraud
08/24DJInvestors Renew Appetite for Europe's CoCo Bonds -- Update
08/24DJInvestors Renew Appetite for Europe's CoCo Bonds
08/24 RELIABLE STOCKS IN TODAYS SHARE MARK : The Royal Bank of Scotland Group plc
08/24 ROYAL BANK OF SCOTLAND : Update on The Royal Bank of Scotland Group plc for the ..
08/23 DIRECTOR DEALINGS : RBS HR Director Arden Sells Shares
More news
Sector news : Banks - NEC
09:50aDJDEUTSCHE BANK : European Banks Need More Mergers, Lower Costs to Boost Returns, ..
08:53aDJMainland Chinese Investors Pivot to Safer Hong Kong Stocks
04:34aDJUNITED OVERSEAS BANK : Selling 10.5-Year USD-Denominated Tier 2 Capital Bond -- ..
08/30DJStockland Names Tom Pockett as New Chairman
08/30DJOil Slides on OPEC Uncertainty, Inventory Forecast
More sector news : Banks - NEC
News from SeekingAlpha
08/30 Long U.S. Financials Versus Short U.K. Financials
08/23 ZOMBIE BANKS : Low Price/Book Ratios Characterize The Walking Dead
08/19 INSANITY DOWN UNDER : More Rate Manipulation
08/15 SOLAR INDUSTRY UPDATE : Floatovoltaics, An Indian Energy Exchange, Elon's Solar ..
08/05 Royal Bank of Scotland Group's (RBS) CEO Ross McEwan on Q2 2016 Results - Ear..
Advertisement
Financials ( GBP)
Sales 2016 11 477 M
EBIT 2016 2 508 M
Net income 2016 -3 330 M
Debt 2016 -
Yield 2016 -
P/E ratio 2016 -
P/E ratio 2017
Capi. / Sales 2016 2,05x
Capi. / Sales 2017 1,98x
Capitalization 23 523 M
More Financials
Chart ROYAL BANK OF SCOTLAND GRO
Duration : Period :
Royal Bank of Scotland Gro Technical Analysis Chart | RBS | GB00B7T77214 | 4-Traders
Full-screen chart
Technical analysis trends ROYAL BANK OF SCO...
Short TermMid-TermLong Term
TrendsBullishNeutralBearish
Technical analysis
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 24
Average target price 2,17  GBP
Spread / Average Target 8,4%
Consensus details
EPS Revisions
More Estimates Revisions
Managers
NameTitle
Ross Maxwell McEwan Group Chief Executive Officer & Executive Director
Howard John Davies Chairman
Ewen Stevenson Chief Financial Officer & Executive Director
Aileen N. Taylor Director & Chief Governance Officer
Sandy Crombie Senior Independent Non-Executive Director
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
ROYAL BANK OF SCOTLAND..-33.74%30 793
WELLS FARGO & CO-6.88%255 406
JPMORGAN CHASE & CO.2.23%243 809
INDUSTRIAL AND COML BA..-1.97%237 959
CHINA CONSTRUCTION BAN..-9.34%187 679
BANK OF AMERICA CORP-3.80%165 216
More Results