Campaigners say early repayment of lobo loans will end up saving taxpayers £16bnRoyal Bank of Scotland is aiming to wind down the remainder of about £1bn in controversial bank loans held by local authorities across the country, after criticisms that hi…Read more
East London authority files high court claim over lender option borrower option loansNewham council is suing Royal Bank of Scotland over the terms of about £150m in complex bank loans, making it the latest UK bank to face a lawsuit over lending terms t…Read more
Banking Standards Board tells MPs care for vulnerable customers continues to fall shortLittle progress has been made on fixing the UK’s poor banking culture, five years on from a major industry inquiry meant to address lender misconduct, the chair of t…Read more
Some of the world’s biggest scandals have gone unspotted for years. The nature of fraud is that it works outside our field of vision. By Dan Davies‘Guys, you’ve got to hear this,” I said. I was sitting in front of my computer one day in July 2012,…Read more
Emmanuel Macron new dawn may be a false one, but at least his country has some industry, a decent education system and no Brexit bindThe French economy is growing at the same pace the UK managed in 2016 and looks set to maintain it for the rest of the …Read more
Index will not be used after 2021 despite reforms put in place because banks no longer want to participate in setting itThe Libor interest rate benchmark used to price billions of pounds of financial products, which was linked to a series of bank scand…Read more
Constitutional rights against self-incrimination of Anthony Allen and Anthony Conti were violated, said New York appeals courtAn appeals court has overturned the convictions of two former Rabobank traders in the first US criminal appeal related to inve…Read more
Labour’s John McDonnell brands government silence over claim of collusion from within Threadneedle street as unacceptable
John McDonnell, the shadow chancellor, is calling on Philip Hammond to hold an urgent public inquiry into whether Bank of England officials colluded in the rigging of the Libor rate.
The senior Labour politician said Hammond’s silence on the issue was unacceptable after a BBC Panorama programme said it had evidence of pressure exerted by Threadneedle Street on the setting of Libor – the London interbank offered rate, which is the interest rate banks charge each other for short-term loans.Read more
Panorama says it has recording of 2008 call in which Barclays bankers discuss alleged pressure by Bank of England to lower rate
The Bank of England has found itself under the spotlight again over the fixing of a key interest rate during the credit crunch after new details emerged of bankers discussing Threadneedle Street’s alleged involvement in the setting of Libor.
BBC1’s Panorama programme said it had obtained a recording of a 2008 call between two bankers at Barclays in which the more senior person said the government and Bank of England were exerting pressure on it to lower the rate it offered for Libor – the London interbank offered rate, which is the interest rate banks charge each other for short-term loans.Read more
- Staley defends himself in email to staff
- Tim Main named as Barclays executive in whistleblower letters
- US authorities also probing attempts to identify whistleblower
- Staley faces bonus cut as UK egulators investigate
- Barclays chief executive Jes Staley reprimanded
Here’s a roundup of the day’s events involving the Barclays whistleblower:
Regulators are investigating the bank and its chief executive Jes Staley after he attempted to unmask a whistleblower who had written anonymous letters expressing concerns about a senior executive.
Reuters Breaking Views columnist Dominic Elliott says Jes Staley’s actions may seem morally defensible since he wanted to defend a colleague from what he saw as unfounded smears, but the situation calls Barclays’ internal procedures into question. Elliott concludes:
Given Staley should have known the rules, it reflects badly on him. It also looks bad for Barclays: the incident only came to light as a result of a separate complaint about the bank’s whistleblowing regime this year. That suggests more profound failings. A board-instigated review of the related procedures feels like too little, too late.Read more