THE Royal Bank of Scotland is bracing itself for stiff fines from European Union anti-trust regulators over the suspected rigging of European interest rate benchmarks (Euribor).
The part-taxpayer owned institution is expected to be punished with a number of other banks including Deutsche Bank, JP Morgan and HSBC.
The penalties, which will also affect France's Credit Agricole and Societe Generale, are the first punishments in the case.
Two years ago, the European Commission raided a number of banks over the suspected fixing of Euribor, which is used as the basis for €250 trillion (£209tn) worth of financial contracts.
Barclays will not be fined after it alerted the Commission to the issue.
The fines only relate to alleged manipulation of Euribor. Banks suspected of rigging the separate London interbank offered rate or Libor could be fined next month when the Euribor penalties are announced.
Some of the banks have agreed to settle with the Commission in exchange for a 10% reduction in their fines. Several of the banks will not be fined immediately as they are contesting the size of the penalties.
RBS declined to comment.
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