Tucker denies knowledge of LIBOR 'cesspit'

Bank of England deputy governor Paul Tucker has denied being asked by government officials to encourage banks to lower LIBOR submissions at the height of the crisis in 2008.

Addressing the Treasury Select Committee yesterday, Tucker (pictured) said a note made by former Barclays CEO of a conversation he had with the deputy governor on 29 October 2008 gave "the wrong impression" in parts. Tucker said "absolutely no" government minister or official had suggested he lean on Barclays to lower its submissions in 2008. The note was released by Barclays last week amid a political storm over the bank's manipulation of LIBOR rates. According to the deputy governor, the conversation centred on his concerns over Barclays' funding position, and its apparent willingne...