Banks given fines over rate-rigging

<p>A number of big fines have been handed out to European banks.</p>

European banks have been handed big fines by the European Commission over rate-rigging.

After revealing the extent of the wrongdoing, Barclays and UBS were both excused from the fines, which have been given to Royal Bank of Scotland (RBS), Deutsche Bank and Societe Generale, among others.

The Commission stated that it was "shocking" the banks had been working together to fix interest rates across the continent.

JP Morgan, Citibank and the brokers RP Martin have also been fined by the European Commission for their part in the scandal.

Joaquin Almunia, the commission's vice-president in charge of competition policy, highlighted the "collusion" of the banks.

He said: "Healthy competition and transparency are crucial for financial markets to work properly, at the service of the real economy rather than the interests of a few."

The fine for RBS continues a bad week for the bank, which was forced to issue an apology to its customers after they were unable to process payments on Monday (December 2nd).

However, the share price of RBS is up today and was 0.63 per cent up at 15:07 GMT.

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