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02/07/2012
Barclays Chairman Resigns Over Lending Scandal
The chairman of Barclays Bank has resigned over the lending rate fixing scandal which erupted last week.
Mr Agius released a statement saying: "The buck stops with me".
Barclays has been fined £290m ($450m) for attempting to manipulate the Libor inter-bank lending rate, a rate used to calculate short-term loans between banks in London.
Bob Diamond, who took on the role of chief executive last year, remains in post but has committed to not taking his 2012 bonus.
Barclays has promised a "root and branch review" and public report of the practices, which made the bank seem more financially healthy than it was, and said it will issue a new mandatory code of conduct for staff.
The investigation into banking practices between 2005 and 2009 has also been extended to RBS, HSBC, Citigroup and UBS.
Political leaders have called for further resignations.
Labour's Ed Miliband said he did not believe trust in banks could be restored by Bob Diamond.
Treasury committee member Pat McFadden said: "You've got to wonder what the values really are in the bank, if this was the behaviour at quite senior levels of its investment banking division."
And former Northern Ireland Finance Minister Mark Durkan has called for a full public inquiry into the "wholesale theft and corporate graft by financial institutions".
Prime Minister David Cameron said the government would introduce "an incredibly methodical series of actions to deal with all of these problems".
(NE/GK)
Mr Agius released a statement saying: "The buck stops with me".
Barclays has been fined £290m ($450m) for attempting to manipulate the Libor inter-bank lending rate, a rate used to calculate short-term loans between banks in London.
Bob Diamond, who took on the role of chief executive last year, remains in post but has committed to not taking his 2012 bonus.
Barclays has promised a "root and branch review" and public report of the practices, which made the bank seem more financially healthy than it was, and said it will issue a new mandatory code of conduct for staff.
The investigation into banking practices between 2005 and 2009 has also been extended to RBS, HSBC, Citigroup and UBS.
Political leaders have called for further resignations.
Labour's Ed Miliband said he did not believe trust in banks could be restored by Bob Diamond.
Treasury committee member Pat McFadden said: "You've got to wonder what the values really are in the bank, if this was the behaviour at quite senior levels of its investment banking division."
And former Northern Ireland Finance Minister Mark Durkan has called for a full public inquiry into the "wholesale theft and corporate graft by financial institutions".
Prime Minister David Cameron said the government would introduce "an incredibly methodical series of actions to deal with all of these problems".
(NE/GK)
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07 November 2013
Bank Of England Maintains Bank Rate At 0.5%
The Bank of England's Monetary Policy Committee has voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £375bn.
Bank Of England Maintains Bank Rate At 0.5%
The Bank of England's Monetary Policy Committee has voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £375bn.
05 May 2011
Bank Of England Maintains Bank Rate At 0.5%
The Bank of England’s Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £200 billion. The previous change in Bank Rate was a reduction of 0.5 percentage points to 0.
Bank Of England Maintains Bank Rate At 0.5%
The Bank of England’s Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £200 billion. The previous change in Bank Rate was a reduction of 0.5 percentage points to 0.
27 June 2012
Eight-Figure Fine Slapped On Barclays Bank
Barclays Bank has been fined a record eight-figure sum for trying to manipulate banks' lending rates. The Financial Services Authority (FSA) slapped the £59.5m penalty on the institution for "serious and widespread misconduct".
Eight-Figure Fine Slapped On Barclays Bank
Barclays Bank has been fined a record eight-figure sum for trying to manipulate banks' lending rates. The Financial Services Authority (FSA) slapped the £59.5m penalty on the institution for "serious and widespread misconduct".
28 February 2012
Barclays Bank Forced To Pay £500m In Tax
Rules around disclosing information to HM Revenue & Customs (HMRC) about possible tax avoidance schemes has forced Barclays banks to reveal two plans which HMRC have described as being ‘designed and intended to avoid substantial amounts of tax’.
Barclays Bank Forced To Pay £500m In Tax
Rules around disclosing information to HM Revenue & Customs (HMRC) about possible tax avoidance schemes has forced Barclays banks to reveal two plans which HMRC have described as being ‘designed and intended to avoid substantial amounts of tax’.
10 February 2012
Barclays Bank Profits Fall
Barclays full year results reveal a 3% drop in profits year on year to £5.9bn. The bank's bonus pot will be £2.15bn, down by 25%, with cash bonuses capped at £65,000. Chief executive Bob Diamond is expected to receive a payout worth several million pounds.
Barclays Bank Profits Fall
Barclays full year results reveal a 3% drop in profits year on year to £5.9bn. The bank's bonus pot will be £2.15bn, down by 25%, with cash bonuses capped at £65,000. Chief executive Bob Diamond is expected to receive a payout worth several million pounds.
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