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Barclays chief grilled by MPs

Barclays chief grilled by MPs

Category: Banking

Updated: 14/12/2012
First Published: 10/07/2012

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The chairman of Barclays, Marcus Agius, has appeared in the hot seat before the Treasury Select Committee to answer MPs questions relating to the Libor rate fixing scandal which resulted in the bank being fined £290 million by regulators.

The Committee has held a series of sessions to determine the roles which Barclays and the government played in the attempted manipulation of inter-bank rates.

Mr Agius, who announced his resignation last week, said he had done so because "he felt ultimately responsible for the reputation of the bank", "regretted deeply" what had happened and was "truly sorry".

In relation to the Financial Services Authority's (FSA) review of Barclays, which claimed that the bank had aggressive practices and was misleading with bank stress tests, the Committee asked Mr Agius whether he had passed on the "issues" to the former chief executive, Bob Diamond. He replied "yes", in contrast to Mr Diamond's statement last week that he had not.

Despite announcing his resignation last week, Mr Agius remains chief executive until a replacement is found for Bob Diamond who also stepped down last week. It was also announced yesterday that Mr Diamond would not be accepting bonuses of up to £20 million.

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