The Bank of England said on Monday it was fining Standard Chartered 46.55 million pounds ($61.51 million) for misreporting its liquidity position to the regulator and for failings in its controls.
A logo of Standard Chartered is displayed at its main branch in Hong Kong, China, Aug. 1, 2017. REUTERS/Bobby Yip/File Photo46.55 million pounds for misreporting its liquidity position to the regulator and for failings in its controls.
Regulators monitor banks' liquidity positions to ensure they have enough cash or cash-like assets if they suddenly face a large number of withdrawal requests. The fine will be a blow to Chief Executive Bill Winters, who at the time the errors happened was trying to overhaul the lender's risk and compliance culture."These errors did not affect Standard Chartered’s overall liquidity position, which remained in surplus throughout the period," it said in a statement.
In a rare insight into the PRA's dealings with banks, the regulator said one error arose because a cell in a spreadsheet used for liquidity reporting had a positive value when a zero or negative value was expected
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