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Bank of England fines Qatar Islamic Bank's UK unit 1.3 million pounds

A war memorial statue is seen in front of the Bank of England in the City of London, Britain, in this March 29, 2016 file photo. REUTERS/Toby Melville/Files

LONDON (Reuters) - The Bank of England has fined QIB (UK), a subsidiary of Qatar Islamic Bank QISB.QA, for failings in reporting its financial resources to the regulator in 2011 and 2012.

The Bank’s Prudential Regulatory Authority (PRA) imposed a fine of 1.385 million pounds on QIB for failing to undertake a regular assessment of its capital, the Bank said in a statement on Friday

“In failing to assess, maintain and report on its financial resources for over a year, QIB failed to meet some of the most basic regulatory standards,” said Andrew Bailey, chief executive of the PRA.

Guy Priestley, QIB UK’s interim chief executive, said the problems identified by the PRA have been remedied.

“We now have a UK operation that is recognised for its quality of service, is fully compliant, profitable and, most importantly, is well-capitalised with a very strong risk-control framework to protect the interests of all stakeholders,” Priestley said.

Reporting by Andy Bruce in London and Tom Finn in Doha; Editing by David Milliken and David Goodman

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