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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 Bank to pay £218m fine for rate manipulation

Lloyds Banking Group has agreed to pay fines worth £218 million to UK and US regulators in relation to the manipulation of Libor.

Lloyds Banking Group has agreed to pay fines worth £218 million. Credit: Press Association

The US authorities have charged the bank with "manipulation, attempted manipulation and false reporting of Libor" between April 2008 and September 2009.

The firms manipulated the benchmark interest rate at which banks lend money to each other in order to reduce the amount it paid in fees to Bank of England.

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