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.



Lloyds Banking Group receives subpoenas in Libor probe

Energy risk: How data is eating up all the energy

Energy risk: How data is eating up all the energy

Any failure in energy supplies to data servers can result in severe consequencesmore ..

EMEA corporate upgrades outnumber downgrades, says Moody’s

Rating agency notes first such instance since the financial crisis yearsmore ..

World hit by record wave of 'mega' data breaches in 2013

Over half a billion records compromisedmore ..

CFOs bullish on UK growth prospects

Finance chiefs' appetite for risk has doubled that of a year agomore ..

Why BYOD needs to be on every CFO’s agenda

The Software Alliance explains why BYOD can be a legal nightmare for businessesmore ..

Audits key to managing cyber risks

Cybersecurity controls and reporting procedures should be assessed annuallymore ..

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
How M&A teams can create value by challenging the CEO

How M&A teams can create value by challenging the CEO

A typical “hold” period of nine to 18 months can generate increased sale value more ..

In Depth
What every company needs to do about big data?

What every company needs to do about big data?

In the first of a three part series, Pat Brans explores just how big 'big data' will get? more ..


* *