Taxpayer Will Not Pay RBS LIBOR Fine

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.

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

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

• Regulatory compliance

• Financial gain

• Market expansion

• Improving customer service

Which financial products were affected by the Libor manipulation?

• Real estate investments

• Cryptocurrencies

• Mortgages and loans

• Stock market shares

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

• The bankers

• The government

• The shareholders

• The taxpayers

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