“The European Commission has fined eight banks - including RBS - a total of 1.7billion euros for forming illegal cartels to rig interest rates.
The cartels operated in markets for financial derivatives, which are products used to manage the risk of interest rate movements.
Two of the eight, Barclays and UBS, were excused their financial penalties for revealing the cartels' existence.
The Commission said it was shocking that competing banks were in collusion.”
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