The Independent, February 2013 – Stephen Gilchrist letter on taxpayers footing the bill for RBS Libor fine

Taxpayer will foot bill for RBS fine

10th February 2013

The question is not how much Royal Bank of Scotland has to pay to the FSA, the Commodity Futures Trading Commission and the US department of justice for its role in global rate rigging, but who foots the bill? (Report, 6 February.) The taxpayer owns 82 per cent of RBS and yet Vince Cable claims that while the government expects the Bank and its casino operation to "absorb" the cost, by way of bonus clawbacks and so on, the government "isn't in a position to make them" pay up. A dime to a dollar the regulatory fines imposed on RBS will be met by another blank taxpayer's cheque. Such is the way of our broken financial world.

Stephen Gilchrist

Chairman and head of regulatory law, Saunders Law, London WC2

Link to Stephen's letter on The Independent


    How can we help?

    Please fill in the form and we’ll get back to you as soon as we can

    We have partnered with Law Share from JMW Solicitors LLP to refer instructions and clients to them, when we are unable to act. By answering yes to this question, you agree that we may pass your details on to Law Share in such circumstances. You are under no obligation to instruct JMW Solicitors LLP after being referred. We may receive a payment from JMW Solicitors LLP further to this referral.