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RBS fined $1.6 million after rigging local interest rate
Royal Bank of Scotland is the latest bank to be penalised for its role in manipulating Australia’s bank bill swap rate after copping a $1.6 million ‘enforceable undertaking’ from the corporate watchdog. The fine marks the latest admission by a major global bank that a culture of rate-rigging spread to Australia, contaminating the integrity of the floating rate that is used to set the price of trillions of dollars of mortgage and interest bearing securities. RBS will make a voluntary contribution of $1.6 million to finance independent financial literacy projects in Australia as part of an enforceable ... (full story)