February 4, 2013 / 5:26 PM / 5 years ago

Lloyds sets aside 90 mln stg for swaps mis-selling

LONDON, Feb 4 (Reuters) - Lloyds Banking Group’s Chief Executive said on Monday the bank had set aside 90 million pounds ($141.65 million) so far to compensate small firms mis-sold complex interest rate hedging, and indicated the sum will rise.

Appearing before the Parliamentary Commission on Banking Standards, Antonio Horta-Osorio said the bank had increased the amount of swaps transactions it is examining for potential mis-selling following a report from Britain’s financial regulator last week.

“The new scope of the review is significantly wider than it was in December. The scope has widened in the last few months,” Horta-Osorio said, adding that it will update the market on the issue at the time of its full year results on March 1.

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