Treasury admits 'fat finger' blunder costing Lloyds bond holders £2bn | WHAT REALLY HAPPENED

Treasury admits 'fat finger' blunder costing Lloyds bond holders £2bn

The Treasury has admitted it made a blunder by telling Lloyds Banking Group that it had permission to buy back investor bonds that propped the bank up in the wake of the financial crash – depriving holders of the notes billions of pounds in interest payments.

The so-called "fat finger" error reported by Business Insider, saw the Treasury incorrectly state the Prudential Regulatory Authority had approved Lloyds' application to redeem a series of Enhanced Capital Notes (ECNs), disclosed by the bank on 16th December 2014.

A statement by Sir Nicholas Macpherson, Permanent Secretary, HM Treasury, said: "HM Treasury understands that the PRA has not yet made a decision regarding whether to approve Lloyds Banking Group's application. We apologise for this error, and sincerely regret any problems caused."

Comments

SHARE THIS ARTICLE WITH YOUR SOCIAL MEDIA