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London - The chief executive of Barclays Bank says that it submitted false data on borrowing costs during the credit crisis in 2007 and 2008 to protect its reputation. He says that decision was wrong.
The House of Commons Treasury Committee on Friday released a letter from Barclays CEO Bob Diamond setting out a partial defense of the bank's behavior.
Diamond says Barclays deliberately set its reports low during the credit crisis, because if it reported higher numbers than other banks, it would appear that Barclays was having trouble borrowing from other banks. He did not say who set this policy.
US and British agencies on Wednesday imposed fines totaling $453m on Barclays for submitting false data used in setting the London interbank offer rate (LIBOR) between 2005 and 2009.
