Barclays Reduced Libor After October 2008 Bank of England Call
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Barclays Plc deliberately reported artificially low borrowing costs at the height of the 2008 financial market turmoil after a senior manager discussed external perceptions about the bank’s strength with regulators at the Bank of England.
Barclays, which was fined $453.2 million by U.S. and U.K. regulators for submitting false London and euro interbank offered rates, “believed mistakenly that they were operating under an instruction from the Bank of England” to lower its Libor submissions, Britain’s Financial Services Authority said today.