25th Jul 2014 08:03
LONDON (Alliance News) - Lloyds Banking Group PLC Friday confirmed it is in discussions with government regulators with regards to their investigations into the setting of Interbank offered rates and other benchmarks, and said that it expects to incur penalties as a result.
"Lloyds Banking Group confirms that it is in late-stage settlement discussions with a number of agencies. The settlements remain to be agreed, and LBG expects they will include the payment of penalties. Lloyds Banking Group will update the market on these issues as appropriate," the bank said in a statement Friday morning.
The statement comes after the Financial Times reported that the bank is preparing to disclose it will pay GBP200 million to GBP300 million to regulators in order to settle allegations that it manipulated Libor rates.
Citing three people familiar with the situation, the FT said Lloyds' announcement is expected to come before its report interim results release next Thursday.
The newspaper said the settlement is expected to include fines paid to the Commodity Futures Trading Commission and Department of Justice in the US and to the Financial Conduct Authority in the UK.
Lloyds shares were Friday quoted up 1.4% at 74.96 pence.
By Samuel Agini; [email protected]; @samuelagini
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