ADVFN - Advanced Financial Network.
HOME» LSE » B » BARC Share Price » BARC Share News

Barclays Share News

 Barclays Share Price
BARC Share Price
 Barclays Share Chart
BARC Share Chart
 Barclays Share News
BARC Share News
 Barclays Company Information
BARC Company Information
 Barclays Share Trades
BARC Share Trades
 Barclays Share Message Board
BARC Share Message Board

UK, US Authorities Talk to RBS on Possible Iran Breaches-Source

By Jessica Hodgson LONDON--U.S. and U.K. authorities are talking to Royal Bank of Scotland Group PLC (RBS) about the possibility that it breached sanctions on Iran, a person familiar with the matter said Wednesday, days after the U.K.'s Standard Chartered PLC (STAN.LN) settled with a New York regulator amid allegations that it broke U.S. money-laundering rules on Iran. The person said that RBS, which is 82%-owned by the U.K. taxpayer, was in negotiations with the U.S. Federal Reserve and Department of Justice on whether it had complied with economic sanctions on Iran. The person stressed that the discussions had been initiated by RBS' current management, as opposed to the authorities. Two people familiar with the matter said the U.K.'s Financial Services Authority was also talking to RBS. An RBS spokeswoman pointed to disclosures made alongside the bank's half-year results earlier this month--which she said had first been disclosed 18 months ago--that the bank "has initiated discussions with U.K. and U.S. authorities to discuss its historical compliance with applicable laws and regulations, including U.S. sanctions regulations." RBS "may become subject to formal and informal supervisory actions and may be required by its U.S. banking supervisors to take further actions and implement additional remedial measures," the half-year statement continued, warning that these actions "could have a material adverse effect on the group's net assets, operating results or cash flows in any particular period." The statement didn't name Iran, but the person familiar with the matter confirmed that many of the questions on historical compliance relate to whether RBS complied with Iran sanctions. RBS' disclosure raises the possibility that it may ultimately face a fine, adding to a long list of issues the Edinburgh-based bank is grappling with as it seeks to pare back a previously bloated balance sheet and restore a reputation that was damaged by its near-collapse in the aftermath of the financial crisis. The bank was bailed out by the U.K. government in 2008. The bank has pledged to get rid of the bulk of the remnants from a troubled history of acquisitions and ill-fated expansions by the end of 2013. Earlier this month, RBS said that noncore assets had shrunk to GBP72 billion ($112.3 billion) from the peak of GBP258 billion reached in 2008, just after RBS had to be saved by U.K. taxpayers. It also comes against a backdrop of a wave of scandal that has hit British banks this summer, setting back their attempts to recover from the financial crisis. Barclays PLC (BCS) in June said it had settled with U.K. and U.S. regulators to the tune of GBP290 million amid accusations its traders had deliberately rigged a benchmark interest rate, the so-called London Interbank Offered Rate. That scandal, which led ultimately to the departure of bank Chairman Marcus Agius, Chief Executive Bob Diamond and Chief Operating Officer Jerry del Missier, followed a political uproar that saw senior executives hauled in front of a committee of lawmakers. A number of other major world banks--among them RBS--remain under investigation by authorities over alleged Libor manipulation. Shortly after the Barclays scandal, a U.S. Senate committee attacked HSBC Holdings PLC (HBC) for allegedly handling money for drug gangs and terrorist groups. In a statement accompanying the U.S. Senate hearing, HSBC said it recognized "that its controls could and should have been stronger and more effective in order to spot and deal with unacceptable behavior." Standard Chartered weeks ago agreed to pay $340 million to a New York regulator to settle allegations that the bank broke U.S. money-laundering laws in handling transactions for Iranian customers, after a weeklong, transatlantic regulatory drama. The person said that the New York regulator that made the accusations against Standard Chartered, the Department of Financial Services, isn't talking to RBS. -Write to jessica.hodgson@dowjones.com (Max Colchester contributed to this article.)

Share News for Barclays (BARC)
DateTimeHeadline
01/09/201417:46:14LONDON MARKETS: Tesco, HSBC Shares Drop In London Trading
01/09/201416:12:30LONDON MARKETS: Tesco, HSBC Shares Weigh On FTSE 100
01/09/201413:14:08LONDON MARKETS: Tesco Shares Extend Losses, Weigh On FTSE 100
01/09/201410:20:31Ruble Hits New Record Low Against Dollar
01/09/201409:38:39LONDON MARKETS: Tesco Extends Losses, Barclays Up In London Trade
27/08/201422:35:16LONDON MARKETS: Miners Lift FTSE 100 For Second Straight Day
26/08/201417:36:04LONDON MARKETS: FTSE 100 Plays Catch-up With Europe, Climbs 0.7%
26/08/201409:39:48LONDON MARKETS: FTSE 100 Plays Catch-up With Europe, Climbs 0.4%
22/08/201409:08:10LONDON MARKETS: LSE Drops In London After Rights-issue Plans
14/08/201423:04:05Investors Pour $680 Million Into U.S. Junk Bonds in Latest Reporting...
14/08/201409:23:25LONDON MARKETS: Banks Rise, Miners Stumble In London Trade
13/08/201417:29:15LONDON MARKETS: Pound Hit, U.K. Stocks Up As Rate Hike Appears...
13/08/201416:16:33LONDON MARKETS: Pound Slides, U.K. Stocks Up After Weak BOE Wage...
13/08/201401:39:13Banks Retreat From Market That Keeps Cash Flowing
11/08/201409:05:32LONDON MARKETS: U.K. Stocks Rise After Reaching Nearly Four-month...
06/08/201419:53:29Kellogg Considering Bid for United Biscuits -Sky News
06/08/201415:56:27Trade Gap Narrows Sharply as Imports Tumble--Update
06/08/201405:06:44Twigs, Torch Songs and a Shock of Gray
03/08/201422:57:35Junk-Debt Liquidity Concerns Bring Sales
31/07/201411:30:05Credit Suisse Dragged Into Dark-Pools Trading Probe

Barclays Plc and other London Stock Exchange share prices are delayed by at least 20 minutes.
All other share price data is delayed by at least 15 minutes unless otherwise stated. By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad