Phonecall led to Barclays rate-rigging actions

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

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 Treasury Select Committee ahead of Mr Diamond’s appearance before British MPs tomorrow.