The Royal Bank of Scotland is among the banks to have its London offices raided by European Commission officials as part of the investigation into the suppression of the European interbank offered rate (Euribor), the Telegraph reported.

It said that further raids are expected, with Barclays, HSBC and Lloyds Banking Group likely to be among the banks targeted.

In its first-half results, Barclays became the first bank to publicly admit that the investigations were into the suppression of borrowing rates.

HSBC and Lloyds have only stated that their involvement in the investigations is because of “submissions” they made as members of the rate-setting panels that determine key borrowing rates, reported the Telegraph.

Officials are understood to be focusing their investigations on the banks’ investment banking arms.

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Several other major European banks have also been targeted, with the London offices of Deutsche Bank also raided by the EC officials.