Saturday, 10 March 2012

'FSA censures Bank of Scotland..'

http://www.moneymarketing.co.uk/1047743.article? 
'..The censure is against HBOS subsidiary Bank of Scotland, owned by Lloyds Banking Group, and relates to the conduct of its corporate division between January 2006 and December 2008.

The FSA has not levied a fine against HBOS, but says the severity of Bank of Scotland’s failing would normally have merited a fine. However, it says because public funds have already been used to address the consequences of Bank of Scotland’s misconduct, levying a penalty on the enlarged HBOS Group means the taxpayer would effectively pay twice for the same actions committed by the firm.

The regulator says that between January 2006 and March 2008 Bank of Scotland’s corporate division pursued an “aggressive growth strategy” that focused on high-risk, sub-investment grade lending.  During the period the division’s transactions increased in size, complexity and risk.  Its portfolio was high risk with highly concentrated exposures to property and posed risk to significant large borrowers. ...'


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