Vince Cable: We can't make RBS pay fine
British and US regulators are expected to fine RBS about £400m today for the bank's involvement in the Libor rate scandal. The company's head of investment banking, John Hourican, is to resign, but there is no suggestion that he knew about the attempts to fix the inter-bank lending rate.
Speaking to Today presenter John Humphrys, Business Secretary Vince Cable explained that the government expect the parts of RBS responsible for the Libor scandal to pay the fine but the government "is not in a position to make them".
Mr Cable went on to say that there is "no immediate prospect' of giving RBS shares to public, but added that Liberal Democrats "want to keep that option alive".
"There are criminal investigations taking place into the Libor scandal" he said.
First broadcast on BBC Radio 4's Today Programme on Wednesday 6 February 2013.
06 Feb 2013
- From the section Business