COMMONS

Treasury Committee questions Bob Diamond

04 July 2012

The Treasury Select Committee asked the former Chief Executive of Barclays, Bob Diamond, to appear before the Committee on Wednesday 4 July so that the Committee could question him about the penalties levied against Barclays by authorities in the UK and the US following an investigation into the submission of interbank offered rates.

Watch the session and read a transcript

Watch the session on Parliament TV and read an uncorrected transcript of the evidence

Witnesses

  • Bob Diamond

Commenting prior to the evidence session, the Chairman of the Treasury Select Committee, Andrew Tyrie MP, said:

"The Libor interest rate benchmark - crucial to transactions right across the economy and affecting millions of people - was systematically rigged over a period of years.
It appears that many banks were involved and Barclays were the first to own up.
This is the most damaging scam I can recall.
The reputation of Britain's financial services industry has been severely tarnished, albeit unfairly for the overwhelming majority unconnected with the scam.
The public's trust in banks has been even further eroded.
Restoring the reputational damage must begin immediately.
Parliament and the public need to know what went wrong and whether the perpetrators have been rooted out. We also need to be given confidence that this has been put right."

Further Information

Image: PA

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