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You can find the current article at its original source at http://www.guardian.co.uk/business/2013/feb/06/libor-scandal-rbs-your-questions
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| Libor-rigging scandal: post your questions for RBS chairman | Libor-rigging scandal: post your questions for RBS chairman |
| (about 17 hours later) | |
| The chairman of Royal Bank of Scotland will be appearing live on guardian.co.uk to answer readers' questions about the £390m fine the bank is paying to settle allegations it rigged Libor. The webchat will take place from 12.30pm GMT on 7 February. | |
| Sir Philip Hampton is chairman of the bank which was bailed out in October 2008, eventually with a total of £45bn of taxpayer funds. | Sir Philip Hampton is chairman of the bank which was bailed out in October 2008, eventually with a total of £45bn of taxpayer funds. |
| He will answer questions about the £390m fine that regulators in the UK and the US have levelled on the bank for the rigging of the key benchmark rate which is used to set the rate of borrowing on £300tn of financial products around the world. | He will answer questions about the £390m fine that regulators in the UK and the US have levelled on the bank for the rigging of the key benchmark rate which is used to set the rate of borrowing on £300tn of financial products around the world. |
| Hampton, who was appointed chairman after the taxpayer bailout, has said that 21 of the bank's 137,000 staff were involved in the manipulation of Libor. In his formal response to the fine, he wrote: | Hampton, who was appointed chairman after the taxpayer bailout, has said that 21 of the bank's 137,000 staff were involved in the manipulation of Libor. In his formal response to the fine, he wrote: |
| We have to fix the culture in the banking industry. The most important part of that is focusing our efforts on the needs of our customers and acting with integrity. And it also involves facing up to the Bank's past failings, no matter how uncomfortable that is. That is why those responsible have left the organisation or been subject to disciplinary action. The Board has also used all means possible to ensure the gravity of this issue is reflected in the remuneration received by employees. No one should be left in any doubt about how seriously RBS takes these failings. | We have to fix the culture in the banking industry. The most important part of that is focusing our efforts on the needs of our customers and acting with integrity. And it also involves facing up to the Bank's past failings, no matter how uncomfortable that is. That is why those responsible have left the organisation or been subject to disciplinary action. The Board has also used all means possible to ensure the gravity of this issue is reflected in the remuneration received by employees. No one should be left in any doubt about how seriously RBS takes these failings. |
Please post your questions for the RBS chairman in the comments section below. | Please post your questions for the RBS chairman in the comments section below. |