Government accused of hiding scale of RBS LIBOR fine

Royal Bank of Scotland (RBS) will be hit with greater fines than Barclays over the LIBOR-fixing scandal, a member of the Treasury select committee has claimed.

Labour MP John Mann said he had been told by "City insiders" that RBS would have to pay more than the record £290m fine levied on Barclays by US and UK financial regulators. The Telegraph reports Mann claimed the government was already aware of the scale of the fines on the bank, which is 82% owned by the taxpayer. "There is an obvious government advantage in allowing Barclays to take the full flak and letting RNS sneak in later," the paper reported. Mann demanded Chancellor George Osborne reveal if he has been briefed on any role RBS might have had in the LIBOR fixing scandal, ...