Libor fines for Lloyds include penalty for SLS underpayment

Banking group took state aid, then lied over terms of its repayment

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Lloyds Banking Group rigged the sterling repo rate in order to reduce its fees for use of the UK government's Special Liquidity Scheme (SLS), according to regulatory documents released today.

In statements accompanying the news of fines and penalties totalling £226 million for manipulating benchmark rates, the UK Financial Conduct Authority and the Bank of England said that Lloyds Bank and Bank of Scotland (taken over by Lloyds in January 2009) had understated the three-month sterling repo rate,

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