Rate-fixing continued at RBS after rescue

Bribery and rate-rigging took place at Royal Bank of Scotland even after it was bailed out by the taxpayer, regulators revealed yesterday, as they fined the banking giant £391m (€453m).

Stephen Hester, chief executive of RBS, said he would stay to “finish the job” at the bank despite damning evidence from US and UK authorities over the bank’s role in the Libor scandal.

RBS, which is 81% owned by the British government, will recoup about £300m from staff bonuses and clawing back previous awards to pay for the fines. RBS owns Ulster Bank.