DUBLIN Dec 19 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
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.