Lloyds Banking Group Plc's manipulation of benchmark interest rates was branded "reprehensible" by Bank of England Governor Mark Carney as the lender agreed to pay £226 million ($383 million) in fines and redress.
The UK bank, rescued by taxpayers during the financial crisis, will pay £105 million to Britain's Financial Conduct Authority, $105 million to the Commodity Futures Trading Commission and $86 million to the Department of Justice, according to statements today. The lender also paid a further £7.8 million in redress to the BoE after its traders' actions cut the fees banks paid for an aid programme of which Lloyds was one of the biggest beneficiaries.
