Diamond to face MPs as memo reveals BoE advice on LIBOR

Barclays' submission of a memo to the Treasury Select Committee has revealed how Bank of England officials advised the bank on LIBOR.

The memo says CEO Bob Diamond had a conversation with BoE deputy governor Paul Tucker who questioned why Barclays was towards the high end of LIBOR pricing. Diamond took notes on the phone call in October 2008, which said Whitehall had begun questioning the pricing: "Further to our last call, Tucker reiterated he had received calls from a number of senior figures within Whitehall to question why Barclays was always toward the top end of the LIBOR pricing. "His response was ‘you have to pay what you have to pay.' I asked if he could relay the reality, not all banks were providing qu...