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Paul Tucker requests TSC hearing over Barclays’ rate-fixing claims

Bank of England deputy Governor Paul Tucker has requested a hearing with the Treasury select committee to clarify his position with regards to the rate-fixing scandal.

Earlier this week, Barclays disclosed details of a phone conversation between its former chief executive Bob Diamond and Tucker in 2008 which places the BoE at the centre of the scandal.

It revealed that Tucker told Diamond that Barclays’ libor submission did not always need to be as high as it was at the time. The bank added that while Diamond did not view Tucker’s comment as an instruction, the bank’s chief financial officer Jerry del Missier did.

Both Diamond and del Missier resigned from the bank in the wake of US and UK regulators slapping a fine totalling £290m onto Barclays’ in the wake of the rate-fixing.

A statement released today by the BoE says Tucker has requested a hearing with the TSC following Barclays’ claims.

It says: “Paul Tucker has made a request to attend a hearing with the Treasury select committee as soon as possible following the publication of settlement agreements by Barclays with the Financial Services Authority, the US Commodity Futures Trading Commission and the United States Department of Justice in relation to the attempted manipulation of Libor and Euribor.

“Mr Tucker is keen to give evidence to the Committee in order to clarify the position with regard to the events involving the Bank of England, including the telephone conversation with Bob Diamond on October 29, 2008.”

Diamond is set to give evidence to the TSC this afternoon.


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