By 
The Bank of England has fined Metro Bank USD 7.13 million for failures in its regulatory reporting, after the lender revealed an accounting blunder in 2019.
Metro Bank said in January 2019 it had corrected risk weightings of some of its commercial loan portfolios, wiping hundreds of millions of pounds off its share value and forcing its top bosses to quit.
Metro Bank said in a statement it had agreed the resolution of the issue with the PRA and that the bank had since made ‘significant improvements to and substantial investment in its regulatory reporting processes and controls’.
The PRA said Metro Bank received a 30% discount to the fine because it agreed to resolve the matter.
Comments