Reuters: Regulatory News: HSBC says $700 mln U.S. provision "best estimate" for costs

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HSBC says $700 mln U.S. provision "best estimate" for costs Jul 30th 2012, 09:10 LONDON, July 30 | Mon Jul 30, 2012 5:10am EDT LONDON, July 30 (Reuters) - HSBC said costs related to U.S. law enforcement issues could be "significantly higher" than a $700 million provision it took to cover them. HSBC said in a statement the $700 million provision it had made was a "best estimate of the aggregate amount of fines and penalties that are likely to be imposed in connection with these matters." Gulliver later told reporters on a call: "The number could be significantly higher ... it's entirely at the discretion of the Department of Justice". A U.S. Senate report this month slammed HSBC for letting clients shift funds from dangerous and secretive countries.

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