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Former Barclays boss ‘disappointed’ by MPs’ claims

Former Barclays boss ‘disappointed’ by MPs’ claims

Category: Banking

Updated: 14/12/2012
First Published: 20/08/2012

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
The Treasury Select Committee (TSC) has published its report into Libor following the inter-bank rate fixing scandal.

Matters analysed in the report included the "disgraceful" manipulation of rates by bankers for personal benefit, and the high profile resignations at Barclays as the allegations appeared in the news.

Evidence provided by the former Barclays chief executive, Bob Diamond, was, in the eyes of the TSC, "at times highly selective and fell well short of the standard that Parliament expects, particularly from such an experienced and senior witness."

Mr Diamond has hit back at these claims, saying that he felt disappointed and strongly disagreed with the MPs' statements.

The chairman of the Treasury Select Committee, Andrew Tyrie MP, said: "As a result of this inquiry, a good deal of further information has now been brought into the public domain. The Committee has called for action in a number of areas, including: higher fines for firms that fail to co-operate with regulators, the need to examine gaps in the criminal law, and a much stronger governance framework at the Bank of England.

"Public trust in banks is at an all time low. Urgent improvements, both to the way banks are run, and the way they are regulated, is needed if public and market confidence is to be restored."

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