Libor fine: time for RBS to start working for the benefit of society

Commenting on news today (6 February) that the Royal Bank of Scotland (RBS) has been fined £390m for its involvement in the Libor scandal, Paul Daly, Corporate Accountability Campaigner at Friends of the Earth Scotland, said:

“RBS needs to clean up its act and start working for the taxpayer instead of manipulating the financial system for the benefit of overpaid executives.

“It’s right that the fine will be paid from bankers’ bonuses and not the taxpayers’ pot. The Libor scandal marks a real low point for RBS and should serve as a turning point for the bank to start acting as a responsible lender in terms of the economy and the environment.

“As a taxpayer-owned bank, RBS is perfectly placed to play a leading role in moving away from predatory, aggressive banking and towards a system that supports local businesses and economies, and help lead the charge to a low-carbon future.”

ENDS

For media enquiries, please contact: Per Fischer, Press Office, Friends of the Earth Scotland
t: 0131 243 2719 

Notes to Editors

1. BBC: Libor scandal: RBS fined £390m
www.bbc.co.uk/news/business-21348719

2. Friends of the Earth Scotland’s RBS campaign:
www.foe-scotland.org.uk/cleanuprbs

3. Just Banking conference 2012: Building a banking sector that serves society.
www.justbanking.org.uk

4. Canadian tar sands project, the most destructive project on earth:
www.foe-scotland.org.uk/tarsands

5. Friends 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