Bank reveals key phone call details

A phone call between Barclays boss Bob Diamond and the Bank of England ultimately led to some of the rate-rigging actions at the heart of the ongoing banking scandal, the bank said today.

Jerry Del Missier, who was president of investment arm Barclays Capital at the time, told staff to lower the key interbank lending rate after misunderstanding Mr Diamond’s account of the conversation with the BoE deputy governor Paul Tucker.

The details of the conversation were disclosed in documents submitted to the UK's Treasury Select Committee ahead of Mr Diamond’s appearance before British MPs tomorrow.

The submission was released after Mr Diamond and Mr del Missier stepped down with immediate effect following increased pressure from politicians, shareholders and former Barclays directors in the wake of the scandal.