RBS agrees £391m rate-fixing fine

AOL Money Staff

Taxpayer-backed Royal Bank of Scotland (RBS) has agreed a £391 million settlement with US and UK regulators as it became the third banking giant to admit its part in the rate-rigging scandal.

RBS, which is 81% owned by the Government, will recoup around £300 million from its staff bonus pool and by clawing back previous awards, and said investment banking boss John Hourican will step down, forfeiting his 2012 bonus and long-term incentive shares.%VIRTUAL-SkimlinksPromo%