Tyrie brands LBG's behaviour 'appalling'
Andrew Tyrie MP has commented on the 'appalling behaviour' leading to yesterday's announcement that the FCA has fined Lloyds Banking Group £105m for failings related to LIBOR and other benchmarks.
“The banks were manipulating LIBOR and the Repo rate, in the process deceiving the Bank of England in its operation of a taxpayer-backed support scheme.
“It was appalling behaviour like this that triggered the creation of the Parliamentary Commission on Banking Standards.
“One of the central recommendations of the Commission was to ensure that individuals carry responsibility for their decisions and behaviour, and that they will be held accountable when they rig markets.
“This settlement is part of the much needed clean-up operation. Implementing the Commission’s proposals will be another."
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