Libor scandal: RBS facing huge fine, warns chief Stephen Hester

The chief executive said the taxpayer-backed bank will “have our day in the spotlight” over the rate-rigging that has cost its rival £290m in fines and three executives, and reignited the public’s anger towards bankers.

RBS is one of the banks tied up in Libor. We’ll have our day in that particular spotlight as well,” Mr Hester told the Guardian. He did not know the size of the fine but said that the investigation by the Financial Services Authority was “in process”.

The Telegraph understands that any possible fine is likely to be significant.

Mr Hester added that he believes the rate-rigging scandal was bad for the entire industry.

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