Libor: Bank of England implicated in secret recording

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Source: bbc.co.uk 10 April 2017

“A secret recording that implicates the Bank of England in Libor rigging has been uncovered by BBC Panorama.”

“The recording calls into question evidence given in 2012 to the Treasury select committee by former Barclays boss Bob Diamond and Paul Tucker, the man who went on to become the deputy governor of the Bank of England.”

“In the recording, a senior Barclays manager, Mark Dearlove, instructs Libor submitter Peter Johnson, to lower his Libor rates.

He tells him: “The bottom line is you’re going to absolutely hate this… but we’ve had some very serious pressure from the UK government and the Bank of England about pushing our Libors lower.””

“Panorama played the October 2008 recording to Chris Philp MP, who sits on the Treasury committee.

He told the programme: “It sounds to me like those people giving evidence, particularly Bob Diamond and Paul Tucker were misleading parliament, that is a contempt of parliament, it’s a very serious matter and I think we need to urgently summon those individuals back before parliament to explain why it is they appear to have misled MPs. It’s extremely serious.””

Source article here

 

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