Home > Global news > The Bank of England Told Us to Do It, Claims Barclays

The Bank of England Told Us to Do It, Claims Barclays

Thursday, 05 July 2012

‘A memo published by Barclays suggested that Paul Tucker gave a hint to Bob Diamond, the bank’s chief executive, in 2008 that the rate it was claiming to be paying to borrow money from other banks could be lowered.

His suggestion followed questions from “senior figures within Whitehall” about why Barclays was having to pay so much interest on its borrowings, the memo states.

Barclays and other banks have been accused of artificially manipulating the Libor rate, which is used to set the borrowing costs for millions of consumers, businesses and investors, by falsely stating how much they were paying to borrow money.’

Read more: The Bank of England Told Us to Do It, Claims Barclays

http://www.davidicke.com/headlines/

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