Business World

Tuesday 12 December 2017

Libor move seemed appropriate says former Barclays Jerry del Missier

Jamie Grierson

A FORMER Barclays director who told staff to lower their Libor submissions in the midst of the financial crisis following a misunderstanding with the Bank of England today said the move seemed "appropriate".

Jerry del Missier was dragged into the affair when it emerged he had misinterpreted a conversation between Bob Diamond and Bank of England deputy governor Paul Tucker as an instruction to lower Libor submissions amid fears over Barclays' financial health.



The Canadian banker, who resigned as Barclays' chief operating officer two weeks ago at the same time as Bob Diamond quit as chief executive, said he "fully expected" staff to take into account the views raised by the Bank that the bank's rates were too high.



However, Mr del Missier told the Treasury Select Committee that he only spoke to the head of the money market desk and did not follow up to check what effect his instruction had on Libor submissions.



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