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A US regulator has sued 16 banks for allegedly manipulating the London interbank offered rate (Libor).

The Libor rate is used to set trillions of dollars of financial contracts, including mortgages and financial transactions around the world.

The regulator said the manipulation caused substantial losses to 38 US banks which were shut down during and after the 2008 financial crisis.

The sued banks include Barclays, HSBC, Citigroup and Royal Bank of Scotland.

‘Royal Bank of Scotland has squandered every penny of taxpayers’ rescue cash after racking up £46 billion in losses since the financial crisis.

This equates to more than £1,500 for every taxpayer in the UK.

The state-backed lender delivered the grim figures yesterday as it revealed it had slumped further into the red. Some £1.7 billion was wiped off its value as shares plunged by almost eight per cent.

The bank posted an £8.2 billion loss for last year and sparked another row over pay with plans to award £576 million in bonuses. The loss was driven by a spiralling bill for mis-selling and restructuring costs and is the biggest since it posted the worst loss in UK corporate history of £24 billion in 2008.’