Monday, 09 July 2012 11:21
Marcus Aguis and Paul Tucker to give evidence to MPs this week
Two key figures will be giving evidence into the Barclays LIBOR issues to the Treasury Select Committee this week.
Paul Tucker, deputy governor of the Bank of England, will be giving evidence to MPs this afternoon while Marcus Aguis, executive chairman of Barclays and chairman of the British Bankers' Association, will be speaking tomorrow.
Mr Aguis' session is postponed from 5 July.
Mr Tucker was drawn into the issue after a note was released which appeared to indicate he had encouraged Barclays to submit lower LIBOR submissions.
Barclays was fined £59.5m by the Financial Services Authority last month for misconduct relating to the London Interbank Offered Rate and Euro Interbank Offered Rate which indicate the interest rates banks charge when lending to each other.
Issues include Barclays seeking to influence the EURIBOR submissions of other banks contributing to the rate setting process and reducing its LIBOR submissions during the financial crisis over concerns of negative media comment.
Andrew Tyrie MP, chairman of the Treasury Select Committee, described the issues as 'inexcusable'.
Bob Diamond, former chief executive of Barclays, and Jerry del Missier, Barclays' chief operating officer, have already resigned from their roles since the fine was made public. It is Mr Aguis' role to find a replacement for them.
Paul Tucker, deputy governor of the Bank of England, will be giving evidence to MPs this afternoon while Marcus Aguis, executive chairman of Barclays and chairman of the British Bankers' Association, will be speaking tomorrow.
Mr Aguis' session is postponed from 5 July.
Mr Tucker was drawn into the issue after a note was released which appeared to indicate he had encouraged Barclays to submit lower LIBOR submissions.
Barclays was fined £59.5m by the Financial Services Authority last month for misconduct relating to the London Interbank Offered Rate and Euro Interbank Offered Rate which indicate the interest rates banks charge when lending to each other.
Issues include Barclays seeking to influence the EURIBOR submissions of other banks contributing to the rate setting process and reducing its LIBOR submissions during the financial crisis over concerns of negative media comment.
Andrew Tyrie MP, chairman of the Treasury Select Committee, described the issues as 'inexcusable'.
Bob Diamond, former chief executive of Barclays, and Jerry del Missier, Barclays' chief operating officer, have already resigned from their roles since the fine was made public. It is Mr Aguis' role to find a replacement for them.
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