The European Commission has fined eight banks - including RBS - a total of 1.7bn euros (£1.4bn) for forming illegal cartels to rig interest rates.
The Commissioner said "it was shocking that competing banks were in collusion".
UBS and Barclays stood to pay the largest fines of 2.5bn euros and 690m euros, but avoided paying anything because they assisted the investigation.
A number of banks were engaged in the rigging of interest rate products intended to reflect the cost of interbank lending in euros, while another group fixed prices for products based on the Japanese yen.
The rates are used to set the price of trillions of dollars of products, including mortgages.
Some were involved in both markets and more than one cartel, including RBS, which was fined a total of 391m euros (£325m).
"Shocking"
He states it was "illegal" so why is no one being charged?
Joaquin Almunia, the commission's vice-president in charge of competition policy, said: "What is shocking about the... scandals is not only the manipulation of benchmarks, which is being tackled by financial regulators worldwide, but also the collusion between banks who are supposed to be competing with each other.
"Healthy competition and transparency are crucial for financial markets to work properly, at the service of the real economy rather than the interests of a few."
The last paragraph say's it all, everything to is being done in the interest of the few and B---lls to the rest!!!!!!!!!!!!!!
http://www.bbc.co.uk/news/business-25215560