UPDATE 1-Ireland fines Aviva 2.5 mln eur over stock lending
DUBLIN Dec 19 (Reuters) - Ireland's financial regulator has fined two subsidiaries of insurance company Aviva a total of 2.5 million euros ($3.3 million)for "serious inadequacies" in its control of stock lending practices within the firm.
Fines of 1.23 million euros were levied against Aviva Insurance Europe SE and Aviva Life and Pensions Ireland, both of which are based in Ireland.
Both firms had inadequate mechanisms to monitor or control stock lending and failed to set risk limits for the practice.
The Irish Central Bank, which is responsible for financial regulation, said in a statement that it considered the matter closed.
Aviva said in a separate statement that no money was lost by its companies or customers as a result of stock lending. It said it has since halted the practice.
- Missing Air Algerie plane from Burkina Faso has crashed: Algerian official
- Exclusive: Ukraine rebel commander acknowledges fighters had BUK missile
- Sierra Leone's chief Ebola doctor contracts the virus
- At least 15 dead in Israeli shelling of Gaza school- Health Ministry |
- European court says CIA ran secret jail in a Polish forest