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Lloyds Banking Group to pay out £218m over Libor

Lloyds Banking Group is to pay fines totalling £218 million to UK and US authorities after it became the latest lender to be punished over the rigging of interest rate benchmarks.

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Lloyds fined for fixing fees for taxpayer help

About £70 million of Lloyds' fine from financial regulators is for trying to manipulate the fees payable to the Bank of England for taking part in a government scheme to support British banks during the financial crisis.

The group is set to pay a total of £218 million to UK and US authorities after it became the latest lender to be punished over the rigging of interest rate benchmarks.

Lloyds has been hit by fines from both US and UK regulators. Credit: Sean Dempsey/PA Wire/Press Association Images

Lloyds said the manipulation took place between May 2006 and 2009, adding that those involved have either left the company, been suspended or are subject to disciplinary proceedings.

Barclays was the first to settle Libor rate-rigging claims, paying £290 million in penalties to US and UK regulators in June 2012, while state-backed Royal Bank of Scotland was hit with a £391 million settlement.

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