Taxpayer Will Not Pay RBS LIBOR Fine

Taxpayer Will Not Pay RBS LIBOR Fine

Assessment

Interactive Video

Business

University

Hard

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RBS is fined £390 million for manipulating banking rates, with most of the money going to US authorities. The fine impacts taxpayers, as RBS is taxpayer-owned. Some funds will be reclaimed from banker bonuses. The CEO acknowledges past mistakes and aims to change the culture. Despite being aware of investigations, RBS continued Libor manipulation, affecting global financial products. Reforms are underway to ensure bankers, not taxpayers, bear the costs, aiming to transform public anger into positive change.

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5 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What was the primary consequence of RBS's fine for manipulating banking rates?

Reduction in banking rates

Financial burden on UK taxpayers

Increased profits for RBS

Financial burden on US taxpayers

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What was the main motivation for RBS's rate manipulation according to internal messages?

Regulatory compliance

Financial gain

Market expansion

Improving customer service

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which financial products were affected by the Libor manipulation?

Real estate investments

Cryptocurrencies

Mortgages and loans

Stock market shares

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who did the chancellor insist should bear the cost of the fines?

The bankers

The government

The shareholders

The taxpayers

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the ongoing issue with RBS despite the reforms?

RBS has increased its market share

RBS is still owned by the taxpayers

RBS is still privately owned

RBS has eliminated all fines