Libor

GOSLING'S GROUSE

Royal Bank of Scotland (RBS) will be hit with greater fines than Barclays over the LIBOR-fixing scandal, a member of the Treasury select committee has claimed.

Former Barclays chief Bob Diamond has hit back at MPs' claims he was "highly selective" in his evidence to the Treasury Select Committee during the LIBOR rate-rigging scandal.

LIBOR

Seven leading global banks, including Barclays, RBS and HSBC, have been issued with subpoenas by the state of New York over the alleged rigging of LIBOR.

Standard Chartered's reputation and shares were dealt a hammer blow last week as the New York state regulator claimed the British bank had hidden $250bn of trades with Iran, putting its US banking licence at risk.

The Financial Services Authority (FSA) will today suggest scrapping LIBOR and replacing it with a borrowing rate based on actual trades, it has been reported.

You may recall last August when, as a result of yet another credit rating agency announcing yesterday's news, we saw the markets and certainly the EuroStoxx 50 drop by over 20%.

Barclays Bank is considering a new remuneration process which would see bonuses for its top executives reduced and payment deferred until they have retired.

State-backed lender Royal Bank of Scotland (RBS) said today it had made a loss of £1.5bn in the first half of this year, after taking a near £3bn writedown on the value of its own debt.