By John Glover - 2012-07-10T11:37:10Z
Barclays Plc (BARC)’s estimates of its borrowing costs show the lender reacting to the scandal around the London interbank offered rate.
The CHART OF THE DAY shows that the spread between Barclays’s Libor submission and the composite rate narrowed yesterday the most since May 2009, adding to the gains it’s turned in since June 6. The bank has the second-lowest contributions after HSBC Holdings Plc.
The increase mirrors the situation in 2009 when Barclays’s quotes plunged toward the composite after a call between former Chief Executive Officer Bob Diamond and the Bank of England’s Paul Tucker, now the central bank’s deputy governor. Tucker yesterday rejected lawmakers’ suggestion that he had pressured the London-based lender to “join the pack.”
“It’s interesting that the Barclays Libor submission is so low,” said Steve Hussey, a London-based financial institutions analyst at AllianceBernstein Ltd., which oversees about $400 billion. “The recent jump is a little odd.”
Diamond will forgo any deferred bonus he might be entitled to after his July 4 resignation, valued at as much as 20 million pounds ($31 million), Barclays Chairman Marcus Agius told the House of Commons Treasury Select Committee today. That follows the 290 million-pound fine imposed on Barclays and the opening of a criminal probe by the U.K. Serious Fraud Office.
To contact the reporter on this story: John Glover in London at [email protected]
To contact the editor responsible for this story: Paul Armstrong at [email protected]
July 10 (Bloomberg) -- Barclays Plc Chairman Marcus Agius said that former Chief Executive Officer Bob Diamond will forgo any deferred bonus he might be entitled to, valued at as much as 20 million pounds. Agius testified in London today to British lawmakers in the House of Commons Treasury Select Committee. (Excerpt. Source: Bloomberg)
July 10 (Bloomberg) -- John Thurso, a Liberal Democrat member of the U.K. parliamentary committee due to question Barclays Plc Chairman Marcus Agius today, discusses the Libor scandal and former Barclays CEO Bob Diamond's testimony last week. Thurso speaks with Maryam Nemazee in Westminster, London, on Bloomberg Television's "The Pulse." (Source: Bloomberg)
Barclays Plc (BARC)’s estimates of its borrowing costs show the lender reacting to the scandal around the London interbank offered rate.
The CHART OF THE DAY shows that the spread between Barclays’s Libor submission and the composite rate narrowed yesterday the most since May 2009, adding to the gains it’s turned in since June 6. The bank has the second-lowest contributions after HSBC Holdings Plc.
The increase mirrors the situation in 2009 when Barclays’s quotes plunged toward the composite after a call between former Chief Executive Officer Bob Diamond and the Bank of England’s Paul Tucker, now the central bank’s deputy governor. Tucker yesterday rejected lawmakers’ suggestion that he had pressured the London-based lender to “join the pack.”
“It’s interesting that the Barclays Libor submission is so low,” said Steve Hussey, a London-based financial institutions analyst at AllianceBernstein Ltd., which oversees about $400 billion. “The recent jump is a little odd.”
Diamond will forgo any deferred bonus he might be entitled to after his July 4 resignation, valued at as much as 20 million pounds ($31 million), Barclays Chairman Marcus Agius told the House of Commons Treasury Select Committee today. That follows the 290 million-pound fine imposed on Barclays and the opening of a criminal probe by the U.K. Serious Fraud Office.
To contact the reporter on this story: John Glover in London at [email protected]
To contact the editor responsible for this story: Paul Armstrong at [email protected]
July 10 (Bloomberg) -- Barclays Plc Chairman Marcus Agius said that former Chief Executive Officer Bob Diamond will forgo any deferred bonus he might be entitled to, valued at as much as 20 million pounds. Agius testified in London today to British lawmakers in the House of Commons Treasury Select Committee. (Excerpt. Source: Bloomberg)
July 10 (Bloomberg) -- John Thurso, a Liberal Democrat member of the U.K. parliamentary committee due to question Barclays Plc Chairman Marcus Agius today, discusses the Libor scandal and former Barclays CEO Bob Diamond's testimony last week. Thurso speaks with Maryam Nemazee in Westminster, London, on Bloomberg Television's "The Pulse." (Source: Bloomberg)