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| Bank of England to unveil bonus clawback plan | Bank of England to unveil bonus clawback plan |
| (35 minutes later) | |
| The Bank of England is expected to unveil on Wednesday a plan which may see rule-breaking bankers return bonuses up to seven years after being awarded them, the BBC understands. | |
| Losses, poor risk management or other bad behaviour could trigger clawbacks. | Losses, poor risk management or other bad behaviour could trigger clawbacks. |
| Even if bonuses paid in shares have been cashed and spent, the move could mean money paid to bankers breaking the rules can still be demanded back. | Even if bonuses paid in shares have been cashed and spent, the move could mean money paid to bankers breaking the rules can still be demanded back. |
| It will create one of the toughest regulatory regimes in the world. | It will create one of the toughest regulatory regimes in the world. |
| The report comes days after Lloyds Banking Group was fined £218m for "serious misconduct" over some key interest rates set in London. | The report comes days after Lloyds Banking Group was fined £218m for "serious misconduct" over some key interest rates set in London. |
| 'Reprehensible' | 'Reprehensible' |
| Lloyds manipulated the London interbank offered rate (Libor) for yen and sterling and tried to rig the rate for yen, sterling and the US dollar, said the US legal order. | Lloyds manipulated the London interbank offered rate (Libor) for yen and sterling and tried to rig the rate for yen, sterling and the US dollar, said the US legal order. |
| It also manipulated submissions for another short-term rate linked to the value of UK government debt. | It also manipulated submissions for another short-term rate linked to the value of UK government debt. |
| Bank of England Governor Mark Carney called such misconduct "reprehensible". | Bank of England Governor Mark Carney called such misconduct "reprehensible". |