Bloomberg News

Barclays Releases Notes of Call Between Diamond, Bank of England

July 03, 2012

Bank of England Deputy Governor Paul Tucker

According to a copy of the note posted on Barclay’s website, Bank of England's Paul Tucker, seen here, told Robert Diamond he had received calls from a number of unidentified senior Whitehall figures to question why the firm’s Libor rates were among the highest. Photographer: Simon Dawson/Bloomberg

Barclays Plc (BARC) released the notes of a call between former Chief Executive Officer Robert Diamond and Paul Tucker of the Bank of England as lawmakers prepare to question executives tomorrow.

Tucker told Diamond he had received calls from a number of unidentified senior Whitehall figures to question why the firm’s Libor rates were among the highest, according to a copy of the note posted on the bank’s website.

Tucker said that while he was certain Barclays didn’t need advice, “that it did not always need to be the case that we appeared as high as we have recently,” according to the note.

Diamond did not believe he had received any instruction or that he gave any order to Jerry Del Missier to lower the lender’s submissions, according to the docuement. Del Missier concluded that the Bank of England had instructed the firm not to keep Libor so high and instructed rate-setters accordingly.

To contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.net


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