Bank of England statement on FCA enforcement action against Lloyds Bank Plc and Bank of Scotland Plc

In light of today’s publication by the Financial Conduct Authority (FCA) of a Final Notice in relation to enforcement action against Lloyds Bank and Bank of Scotland, The Bank of England issues the following statement.
Published on 28 July 2014

Lloyds Banking Group has paid the Bank of England £7.76 million in compensation for the reduction in the amount of Special Liquidity Scheme (SLS) fees received by the Bank as a result of manipulation by Lloyds Bank and Bank of Scotland of submissions to the BBA GBP Repo Rate. The Bank believes that this payment fully compensates it for all losses which it may have suffered.

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