Lloyds Attacked by Carney as Bank Fined for Libor-Rigging
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Lloyds Banking Group Plc’s manipulation of benchmark interest rates was branded “reprehensible” by Bank of England Governor Mark Carney as the lender agreed to pay 226 million pounds ($383 million) in fines and redress.
The U.K. bank, rescued by taxpayers during the financial crisis, will pay 105 million pounds to Britain’s Financial Conduct Authority, $105 million to the U.S. Commodity Futures Trading Commission and $86 million to the U.S. Department of Justice, according to statements today. The lender also paid a further 7.8 million pounds in redress to the BOE after its traders’ actions cut the fees banks paid for an aid program of which Lloyds was one of the biggest beneficiaries.