Royal Mail banks in spotlight over Libor-rigging UBS and Barclays have been appointed as senior advisers on the stock market listing of Royal Mail, which could earn the scandal-hit lenders millions of pounds in fees, less than a year after they were fined nearly £1.3bn for attempting to rig global borrowing rates. Michael Fallon, Business Minister, said the decision to hire the banks, followed a selection process that had been "contested by a large number of leading banks." "Given the lead time and preparatory work involved in readying an IPO, the appointed banking syndicate will work to make sure we are ready to proceed when the time comes and will be able to deliver strong, high quality investor demand to ensure a successful IPO for the taxpayer and for Royal Mail," said Mr Fallon. The investment banks are reckoned to be in line to share a fee pool from the deal of about £30m, however this could rise if the profits from the post-market trading of any extra shares allotted by the government are taken into account. There have been calls in the past for banks involved in financial scandals to be banned from competing for government work.