EC raids RBS offices in Euribor probe

The London offices of Royal Bank of Scotland (RBS) have been raided as part of a major investigation by the European authorities into allegations lenders manipulated a key borrowing rate in the run-up to and during the financial crisis.

RBS is among the banks to have had its offices raided by European Commission officials as part of the investigation into the suppression of the European interbank offered rate (Euribor). Further raids are expected, with Barclays, HSBC and Lloyds Banking Group likely to be among the banks targeted, the Telegraph reports. The Commission confirmed it had seized documents from banks active in derivative product connected to Euribor. Barclays, HSBC, Lloyds Banking Group, and RBS declined to comment. Several other major European banks have been drawn into the investigation, and the Lond...