LONDON, July 30 (Reuters) – Bankers who break rules on their
conduct may have to hand back bonuses up to seven years after
being awarded them, the Bank of England said on Wednesday as it
unveiled some of the world’s toughest curbs on the sector.
The measures are the latest response to multi-billion pound
taxpayer bailouts of lenders such as Royal Bank of Scotland
and Lloyds in the financial crisis of 2008 and
2009, with few individual bankers subsequently punished for
LONDON, July 29 (Reuters) – Top bankers in Britain will
become directly accountable for their actions under proposals
from regulators on Wednesday, with those behaving recklessly
facing a spell in jail.
The Bank of England will also publish final rules on clawing
back bonuses paid to bankers caught up in misconduct, and
consult on closer scrutiny of how awards are made.
LONDON (Reuters) – Lloyds Banking Group could face further punishment after agreeing to pay fines totalling $370 million (217.80 million pounds) for its part in a global interest rate rigging scandal and for attempting to manipulate fees for a government lending scheme to help banks.
The settlement is the seventh joint penalty handed out by American and British regulators in connection with the attempted manipulation of the London interbank offered rate, or Libor, and other similar benchmarks used to price around $450 trillion of financial products worldwide.
LONDON/WASHINGTON (Reuters) – Britain’s Lloyds Banking Group (LLOY.L: Quote, Profile, Research, Stock Buzz) has agreed to pay fines totaling $370 million to U.S. and British authorities investigating its part in a global interest rate rigging scandal and manipulating fees for a UK government lending scheme.
The settlement is the seventh joint penalty handed out by American and British regulators in connection with the attempted manipulation of the London interbank offered rate, or Libor, and other similar benchmarks used to price around $450 trillion of financial products worldwide. The misconduct related to Libor rates for sterling, the U.S. dollar and Japanese yen.
LONDON, July 24 (Reuters) – European Union rules forcing
banks to hold a buffer of cash and top quality debt to withstand
market shocks will be delayed by nine months, the bloc’s
executive body has proposed.
The so-called liquidity coverage ratio (LCR) is part of a
global deal known as Basel III to beef up banks’ resilience so
they do not have to rely on taxpayers again as they did in the
2007-09 financial crisis.
LONDON, July 24 (Reuters) – Britain’s biggest banks, such as
Barclays and HSBC, will need to build up a
buffer of loss-absorbing bonds at least as big as the capital
they already hold to cushion against shocks, according to a
senior Bank of England official.
These bonds could be used if a bank went bust to provide
cash to help keep key parts of the bank afloat while it is
LONDON, July 23 (Reuters) – Banks must provision for souring
loans much earlier under an international rule published on
Thursday that will take effect in 2018, a decade after a global
financial crisis the accounting reform seeks to stop recurring.
The collapse of Lehman Bros in 2008 highlighted how little
capital banks held to cover a slump in the value of the assets
on their books, forcing the public to bail out many lenders.
LONDON, July 22 (Reuters) – Global regulators will implement
a twin-track approach to ensuring interest rate benchmarks are
less prone to manipulation, recommending safeguards to the
current system as well as developing alternatives.
Ten banks and brokerages including Barclays and UBS
have paid a total of around $6 billion to date to
settle U.S. and European regulatory allegations that they
manipulated the London Interbank Offered Rate, or Libor, a
benchmark against which around $450 trillion of financial
products from derivatives to home loans are priced worldwide.
LONDON (Reuters) – Global regulators have proposed a twin-track approach to ensuring that interest rate benchmarks are less prone to manipulation by recommending safeguards to the current system and also by developing alternatives.
Ten banks and brokerages have paid around $6 billion to date to settle U.S. and European regulatory allegations that they manipulated the London Interbank Offered Rate, or Libor, a benchmark against which around $450 trillion of financial products from derivatives to home loans are priced worldwide.
LONDON, July 9 (Reuters) – European Central Bank President
Mario Draghi urged euro zone states to respect their joint
fiscal rules and extend their cooperation to economic reforms,
telling governments they must “learn to govern together”.
While reiterating his message that the ECB is ready to use
“unconventional instruments” – code for large-scale asset buying
- if needed, he devoted most of a speech in London to pressing
for closer European integration to deliver growth and jobs.