Royal Bank of Scotland is facing the prospect of a £500m fine over its role in the Libor interest rate-rigging scandal.
The bank is still locked in negotiations with regulators in the US and UK over the exact scale of a settlement likely to be announced next week, the Daily Mail reports.
But sources familiar with the situation said they expected the fine to fall within the ‘ballpark' range of £400m to £500m.
US regulators will take the lion's share of the penalty, because the offences took place before the UK's Financial Services Authority introduced a stiffer tariff of fines in March 2010.
The settlement will be accompanied by the release of emails likely to prove embarrassing for the taxpayer-owned bank.
Internal emails from UBS and Barclays were published that revealed the arrogance of traders promising bottles of champagne to colleagues who helped them and calling each other nicknames such as ‘superman'.
‘Most significant’ upgrade since launch
Changes happening over coming months
Had accepted British Steel business
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Set for 1 April 2019