View the article online at http://citywire.co.uk/money/article/a604936
King: first I knew about Libor fixing was after Barclays' fine
Bank of England governor Mervyn King says Barclays 'sailed too close to the wind' and its board was in denial over the regulator's concerns.
King said he also had a conversation with Barclays' chairman and senior independent director to ensure they were aware of the depths of the regulator's concerns as he felt 'the board of Barclays had been in something of a state of denial'.
Turner, meanwhile, said that while he did not give a regulatory instruction for Diamond to resign, he too had a conversation with Agius in which he made it clear that he should think very carefully about whether Diamond was the right person to lead the substantial change needed in the bank's culture and if the markets and the 'external world' would have confidence in him.
Andrew Tyrie, chairman of the Treasury Select Committee, however, has said regulators should not be able to bring such 'arbitrary pressure to bear on the boards of private companies'. 'It appears that governance checks need bolstering,' he said.
King is the latest figure of authority to appear before the Treasury Select Committee to answer questions on the Libor fixing scandal. Diamond, Agius, recently resigned Barclays executive Jerry Del Missier, deputy Bank of England governor Paul Tucker and FSA officials have all given testimony in the past two weeks.
News sponsored by:
The Citywire guide to investment trusts
In association with Aberdeen Asset Management
More about this:
More from us
- Diamond tells MPs: 'I don’t feel personal culpability'
- Del Missier: Diamond told me to order Libor fixing
- Tucker did 'absolutely not' encourage Barclays to fix its rates
- Q&A: what is Libor and what did the banks do to it?
- Diamond gives up £20 million
What others are saying
Tools from Citywire Money
From the Forums
Weekly email from The Lolly
Get simple, easy ways to make more from your money. Just enter your email address below
An error occured while subscribing your email. Please try again later.
Thank you for registering for your weekly newsletter from The Lolly.
Keep an eye out for us in your inbox, and please add email@example.com to your safe senders list so we don't get junked.