• Voter paralysis

    With so much tilting voters against change, democratic reason is the loser, says Solly Moeng.

  • The power of perseverance

    True grit is a reliable predictor of who will achieve success in life, says Ian Mann.

  • It's the system

    The system sucks and it’s being used far too often as an excuse, says Mandi Smallhorne.

All data is delayed
Loading...
See More

Barclays played by its own rules

Jul 17 2012 17:30
Sapa

London - Britain's Barclays bank was "sailing close to the wind" when it came to issues of financial regulation and tended to ignore concerns expressed about its behaviour, the governor of the Bank of England (BoE) said Tuesday.

Mervyn King told the treasury select committee of the British parliament that there had been "genuine and deep concern" over "governance and a loss of confidence in the bank's bosses" among regulatory authorities.

However, King said he was not aware about the rate-rigging scandal until the practices at Barclays were exposed at the end of last month.

He said Barclays was "in a state of denial" about its behaviour. Chief executive Bob Diamond resigned over the rigging scandal earlier this month.

King's comments to the committee came after reports last week that the US Federal Reserve had raised concern over the fixing of the key Libor rate by Barclays as long ago as 2007 - and made them known to King.

The Libor, a benchmark set for millions of financial transactions, is calculated daily in London based on the reports of 18 banks. It is the average rate for interbank lending, and a crucial reference for many loans in the greater economy.

Barclays was fined £290m ($451.6m dollars) by British and US regulators earlier this month over attempts to rig the Libor. 
barclays bank  |  libor scandal

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

THE DEBT ISSUE

Debt is one of the biggest financial issues facing South Africans today. Find out how you can avoid and manage your debt with Fin24 and Debt Rescue.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Would you take out a payday loan?

Previous results · Suggest a vote

Loading...