We use cookies to provide you with a better experience. If you continue to use this site, we'll assume you're happy with this. Alternatively, click here to find out how to manage these cookies

hide cookie message
RSS FeedRisk

Lloyds Banking Group receives subpoenas in Libor probe


Lloyds said it had not yet allocated any funds to potential penalites resulting from Libor probe

Article comments

Lloyds Banking Group said on Thursday that it had received subpoenas as part of an investigation into key benchmark rate rigging scandal engulfing Barclays bank.

"Certain members of the group have received subpoenas and requests for information from certain government agencies and are co-operating with their investigations," the bank said.

The bank also said it had not allocated any funds to cover any potential penalties resulting from the Libor fixing scandal

The group reported first-half results on Thursday that came in just ahead of expectations. Lloyds said its underlying profit increased by £715 million to £1.064 billion in the first half, ahead of the consensus forecast of £1.03 billion, according to a poll of 20 analysts supplied by the company.

Barclays has been rocked after being fined a record £290 million by US and UK authorities for manipulating Libor interest rates. More than a dozen other banks are also being investigated and more fines are expected.

Lloyds said it was not possible to predict the scope, timing and ultimate outcome of the various regulatory investigations or private lawsuits.

It also said it had increased the amount of compensation set aside to cover claims against the mis-selling of insurance products. It said it had set aside another £700 million to compensate customers for the mis-selling of insurance products.

Compensation for the mis-selling of payment protection insurance has now cost £1.075 billion this year, and £4.3 billion pounds in total.

The PPI hit dragged it to a statutory loss of £439 million.

Share:

Recommended Articles

Comments

Lloyds Banking Group receives subpoenas in Libor probe
Risk

Managing the costs of arbitration when a deal goes wrong

Managing the costs of arbitration when a deal goes wrong

CFOs should be involved in international deal negotiations from the startmore ..


Home Depot confirms breach

Home Depot on Monday confirmed that intruders broke into its payment networks and accessed credit and debit card data of an unspecified number of customers who shopped at its U.S. and Canadian stores.more ..

Home Depot breach could potentially be as big as Target's

In what could turn out to be another huge data breach, Home Depot on Tuesday confirmed that it is investigating a potential compromise of credit card and debit card data belonging to an unspecified number of customers.more ..

EU fines Samsung, Philips and others for smartcard cartel

The companies exchanged sensitive commercial information on pricing, customers and contract negotiations, the Commission saidmore ..

The making of a cybercrime industry

And they're employing tried and tested above-board business methodsmore ..

Is there a bulwark against the rising pound for UK exporters?

Currency volatility has prompted a surge in the use of hedging tacticsmore ..

Send to a friend

Email this article to a friend or colleague:


PLEASE NOTE: Your name is used only to let the recipient know who sent the story, and in case of transmission error. Both your name and the recipient's name and address will not be used for any other purpose.



In Depth
Can finance rise to the challenge of major transformation?

Can finance rise to the challenge of major transformation?

Outdated finance processes, systems and competencies leave too many questions unanswered more ..

In Depth
Interim CFO or consultant? The pros and cons

Interim CFO or consultant? The pros and cons

Ed Harding offers an insight into the life of an interim CFO and the advantages in driving transformation more ..

Advertisement

* *