RBS subpoenaed to give evidence of Libor rate fixing

Commenting on news today (17 August) that RBS has been subpoenaed by the Attorney General of New York and Connecticut, Friends of the Earth Scotland Corporate Accountability Campaigner Paul Daly said:

“RBS being investigated for Libor rate fixing comes as little surprise, given their history of poor ethical and environmental choices.  From mis-selling us Payment Protection Insurance to choosing to invest tax payer money in projects which irrevocably destroy the environment, RBS seem to think little beyond the profit they can make.  

“The UK banking sector used to be something to be proud of – but the investment portfolio and alleged Libor rate fixing undertaken by RBS is shameful.  As one of the UK’s biggest corporations, RBS is our ambassador; they need to become a bank we can be proud of once again.

“We call on RBS to clean up its act and put people and the environment at the heart of its decision making.

ENDS

For media enquiries and a full list of energy and power loans involving RBS, please contact:
Per Fischer, Press Office, Friends of the Earth Scotland
 t: 0131 243 2719

Notes to EditorsUK banks’ shameful record may affect return to credit-worthiness, ratings agency warnsBetween 2007 and 2009, RBS led the underwriting of more than $7.5bn worth of loans to multinational oil companies mining tar sands in CanadaFriends of the Earth Scotland is * Scotland’s leading environmental campaigning organisation * An independent Scottish charity with a network of thousands of supporters and active local groups across Scotland * Part of the largest grassroots environmental network in the world, uniting over 2 million supporters, 77 national member groups, and some 5,000 local activist groups – covering every continent. * www.foe-scotland.org.uk