Fine could be cut if RSA co-operates with authorities

RSA office

RSA is set to be fined €5m (£3.6m) for the accounting scandal, according to the Irish Times.

This could be reduced to €3.5m (£2.5m) if RSA co-operates with the probe and takes steps to clean up the company.

The fine will come from the Irish Central Bank which is expected later this year to reveal the results of  its investigation into the scandal.

The scandal, first revealed in November 2013, showed a black hole in RSA accounts. It led to losses of £300m and the resignation of Simon Lee, who was replaced by former RBS-boss Stephen Hester.

Former RSA Irish chief executive Philip Smith is claiming compensation for unfair dismissal. His case will be heard by the Irish Employment Appeals Tribunal today.

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