July 28, 2014 / 12:56 PM / in 3 years

BRIEF-FCA fines Lloyds for serious LIBOR, other benchmark failings

July 28 (Reuters) - Financial Conduct Authority (FCA):

* Lloyds Banking Group fined 105 million pounds for serious LIBOR and other benchmark failings

* Between April 2008 and September 2009, firms manipulated repo rate submissions to reduce fees payable by them to Bank of England for participation in taxpayer-backed SLS

* By artificially inflating their repo rate submissions, the firms sought to narrow the repo rate-LIBOR spread

* 70 million pounds of the fine relates to attempts to manipulate the fees payable to the Bank of England for the firms’ participation in the SLS

* Fine for serious misconduct relating to the special liquidity scheme (SLS), the repo rate benchmark and the London interbank offered rate

* Firms agreed to settle at an early stage and therefore qualified for a 30 pct discount under the FCA’s settlement discount scheme

* Sixteen individuals at the firms, seven of whom were managers, were directly involved in, or aware of, the various forms of LIBOR manipulation, including one manager

* Without the discount the total fine would have been 150 million pounds Further company coverage:

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