RBS Said In LIBOR Talks, Unions Urge Full Nationalisation

Bloomberg reports that the bank’s efforts to resolve the matter have been slowed down by concern at RBS over what happened at Barclays in June, when its settlement of allegations related to the London interbank offered rate led to the ouster of CEO Bob Diamond, said the person, who asked not to be named because the matter wasn’t public.

The Financial Times reports, however, that the cost for RBS to settle its LIBOR problems could hit $480m.

Hit the link below to access the complete Bloomberg article:

RBS Said to Be in Talks With U.K. Regulators Over Libor

In the meantime, the news organisation also reports that U.K. labor unions have called for RBS to be fully nationalized so the government can transform it into a state investment bank with the aim of financing industry.

The Edinburgh-based lender, 82% state-owned, should be taken wholly into public hands with a new mandate and the ability to issue bonds, the Trades Union Congress said.

Hit the link below to access the complete Bloomberg article:

RBS Should Be Fully Nationalized to Boost Lending, Unions Urge

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