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Barclays chairman quits - other banks face probe


United Kingdom

Barclays chairman quits - other banks face probe

Barclays chairman Marcus Agius was tight-lipped and in sombre mood as he left his London home and refused to answer questions following his resignation from the bank.
 
In a statement he said: “The buck stops with me” following the revelation of a scandal over attempts to fix the interbank lending rate.
 
Libor - the London Interbank Offered Rate – is the rate at which banks in London lend money to each other. 
  
The Financial Services Authority, which led the probe into the fixing, said Barclays may not be the only bank involved.
   
“We found serious misconduct in relation to the way they prepared their submissions for the Libor rate being set. Libor is a really important reference rate for millions of contracts all over the world,” explained Tracey McDermott of the FSA.
  
Barclays was fined 359 million euros for attempting to manipulate the lending rate. The bank will hold an independent audit. There have been concerted calls for the chief executive Bob Diamond to go. He will appear before MPs of the parliamentary Treasury Committee on Wednesday.

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