Categories: Economics / Markets
The former chief operating officer of Barclays, Jerry del Missier, has told MPs Bob Diamond instructed him to lower the bank’s LIBOR submissions, on the orders of the Bank of England’s deputy governor Paul Tucker.
Addressing the Treasury Select Committee on the LIBOR manipulation scandal, del Missier gave evidence which contradicted that of his former boss, ex-chief executive Diamond.
Del Missier (pictured) admitted he gave the instruction to the head of the money market desk to lower Barclays’ LIBOR submissions, following a request from Diamond.
“Mr Diamond told me Mr Tucker had given the instruction,” he told MPs. Asked by Andrew Tyrie whether he knew his actions were illegal, the former COO said: “It did not seem inappropriate given that it [the instruction] had come from the Bank of England.”
Earlier in his testimony he had admitted LIBOR was dysfunctional and said it was hard to distinguish between submissions and the actual rate, which was “subjective”.
Del Missier said he accepts the verdict of the US Department of Justice that lowballing of LIBOR was illegal, and added he regrets the fact the bank’s reputation has been “sullied”.
|Comment||Del Missier: BoE's Tucker instructed Barclays to 'lowball' LIBOR|
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