Bailed-out Lloyds Banking Group appears poised to become the latest financial firm to be penalised for rigging Libor and is said to be facing a fine of between £200m and £300m.
The bank, 24% owned by the taxpayer, is expected to pay the fine to the City regulator, the Financial Conduct Authority, as well as regulators in the US, which are involved the extensive investigation into the potential rigging of the benchmark interest rate. The penalty for Lloyds comes more than two years after Libor manipulations at Barclays were exposedand regulators on both sides of the Atlantic imposed a £290m fine.
That fine in June 2012 has since been followed by settlements with Swiss bank UBS, bailed-out Royal Bank of Scotland, Dutch bank Rabobank, and two money brokers, Icap and RP Martin.
Lloyds would not comment on a report in the Financial Times about the scale or timing of the fine, which, it was reported, could be announced ahead of the bank’s half-year results, due on Friday.
Source: theguardian
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