RBS may face separate fines from British, American regulators

The Royal Bank of Scotland may receive multiple fines from various U.S. and British regulators regarding its alleged attempt to manipulate Libor.

Although the U.K.’s Financial Services Authority is still working with American regulators, including the Commodity Futures Trading Commission and Securities and Exchange Commission, towards an international settlement, individual settlements remain a possibility, according to NASDAQ.

RBS has pushed for a single deal similar to the one agreed upon by Barclays in which the bank agreed to pay more than $460 million to regulators for its involvement in Libor manipulation.

The bank said earlier this month that it hoped to settle with regulators as soon as possible in order to continue with the post-Libor scandal recovery plan led by CEO Stephen Hester.

Hester said earlier this month that it will be a “miserable day” for the bank when it is punished by regulatory authorities, adding that separate settlements could draw out the negative publicity over a longer time period, Reuters reports.

RBS was initially expected to settle Libor claims with regulators in the fourth quarter, but the settlement was delayed as international regulators struggled with differing agendas and working speeds.

The individual settlements could come as early as next month. Hester said that he expects settlement details to emerge between now and the bank’s fiscal year results published in February, according to Reuters.

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