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Diamond before UK parliament over Barclays Libor scandal

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Diamond before UK parliament over Barclays Libor scandal

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Ex-chief executive of Barclays Bank Bob Diamond is appearing in front of a UK parliament committee to answer questions about the bank’s role in rigging inter-bank interest rates, known as Libor.

Diamond, who quit last night, following the resignation of Barclays’ Chairman Marcus Agius on Monday, is being probed by the Treasury Select Committee.

Barclays has been fined more than 360 million euros for submitting falsely low Libor rates, which are used to determine rates on other financial products.