LONDON (Reuters) - former national banking regulators, and in the middle of the first implementation of interest rate scandal Barclays faced with what they have caused in the banks, regulators and politicians of both parties know that members of Congress on Monday barbecue Atlantic.
House of Commons, the Treasury Select Committee questioned Jerry Del Missier two weeks after he quit the Barclays Bank, the Bank of England interest rate manipulation scandal, has been bombed, chief operating officer of a political storm impact. He is the investment banking trusted lieutenant exit, Barclays CEO Bob Diamond.
Del Missier has been misunderstood, said the staff of Barclays Bank said the Bank of England has approved them to submit the lower rate, Massage London Interbank Offered Rate or the London Interbank Offered Rate, the consolidation of the global transaction value of one trillion U.S. dollars from the news of the diamond.
Del Missier not publicly on the matter to comment on his evidence, can be illuminated from the testimony of the diamond, some members of the Committee have been misleading feature, who know that in the Barclays responsible for Diamond refused.
The Chairman of the Financial Services Authority (FSA), Adair Turner, will be in accordance with the Committee before Del Missier. He will be faced with the participation of regulatory agencies, and whether or not tough enough to rate collusion occurred between 2005 and 2009.
Barclays Bank is manipulated by the U.S. and British authorities a fine record $ 45 billion a month London Interbank Offered Rate. Barclays will pull the bank in the United Arab Emirates interbank loans, interbank interest scandal participation rate because of its London bank in the country settings panel, industry sources told Reuters on Sunday.
London Interbank Offered Rate from the budget estimates, they believe that they have to pay to borrow each other's big banks. It is used for the $ 550 trillion interest rate derivatives contracts and mortgages, student loans and credit card interest rates. A low-key estimates may allow the bank to a better understanding of its financial position.
The problem has been the supervision of more than benchmark interest rate if it is too loose. Confirmed last Friday, the bank received a U.S. proposal to overhaul the London Interbank Offered Rate, and through them to the bank trade group responsible for the rate.
It also appears, Barclays alerted U.S. regulators as early as 2007, concern, collusive bank's benchmark interest rate does not take decisive action, and decision-makers on both sides of the Atlantic.
British parliamentary committee questioned the Diamond, Barclays chairman Marcus Agius and Paul Tucker, Deputy Governor of the bank in its efforts to explore the Barclays what had happened.
Diamonds and del Missier July 3, exit, Agius said that the Committee in his testimony on Tuesday, central bank Governor Mervyn King compel diamonds go, because he has lost the confidence of the regulatory bodies.
Turner, to take one of the favorites for next year, Governor Wang, may want to ask him to force diamonds, how to participate.
Why the FSA does not respond to warnings about the LIBOR, he has also been questioned, which is obviously tense relationship with Barclays.
FSA chief sent in April Barclays stern letter, informed the bank that its "aggressive" culture needs to be improved.
Myth
Barclays Bank is the only bank so far to provide false information for the London Interbank Offered Rate, set part of the process.
The dialogue between a diamond and Tucker in October 2008, Barclays, whether by the central bank, it can submit a lower LIBOR told the center of the chaos.
In an internal memo written after that conversation, Diamond said Tucker told him: "This does not always need the case, we appear high, because we have recently".
Diamond to it, he did not take instructions submitted to the lower rate, but he said Missier del misinterpreted the memo gave the green light to do so. Missier Bender declined to comment, Barclays spokesman said.
Appear before the Tucker Committee, he said that the memorandum distorted conversation. Tucker said that the call is to share his concern about Barclays Bank's cost of capital, rather than discuss interest rates.
Since 2008, when he warned the supervision of a more in-depth and direct style, after the bitter lessons from the financial crisis, Turner, aged 56, has been in the FSA head.
Andrew Bailey, director of the FSA's banking supervision department,  Dermot, Acting Executive Director of the FSA, he will participate in front of the members of Congress. Because of their del Missier after, appear in the 4:45 pm, 4:00 pm
More than 10 banks are expected to the scandal of the London Interbank Offered Rate will be drawn, the authorities are being explored in North America, Europe and Japan.
Agius and senior Barclays executives told staff, the bank will be "release" point of view of the opponent's fine, according to last Friday issued a memorandum.
LIBOR compiled by Thomson Reuters, the parent company of Reuters, the British Bankers' Association on behalf of the banks to submit.



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