State-rescued Royal Bank of the Scotland has been fined more than £5.6 million, mainly for the incorrect reporting of transactions over a six-year period, a British financial watchdog announced on Wednesday. "The Royal Bank of Scotland has been fined £5,620,300 ($8.63 million, 6.51 million euros)," the Financial Conduct Authority said.
This was for "incorrectly reporting transactions they made in wholesale markets, and in some instances, failing to report transactions at all," the FCA said in a statement. RBS was rescued with £45.5 billion of British taxpayers' cash following the 2008 global financial crisis, making it the world's biggest ever banking bailout. RBS "failed to properly report 44.8 million transactions between November 2007 and February 2013; and failed altogether to report 804,000 transactions between November 2007 and February 2012", the FCA said.