UK Treasury Select Committee member points to Diamond recall

Pat McFadden, member of the UK Parliament’s Treasury Select Committee has suggested in an interview today that Barclays’ former chief executive Bob Diamond is likely to be recalled to provide further testimony over the Libor scandal.

Speaking to Bloomberg TV, McFadden said he believed that Diamond (pictured) would be recalled following the evidence given by executive chairman Marcus Agius, which he said  “vary quite significantly” from the previous testimony from Diamond.

He also pointed to concerns over the pace of delivery of letters between UK regulator the Financial Services Authority (FSA) and Barclays – letters that are deemed of material importance to the work being done by the TSC on the Libor scandal – as well as the need for the FSA to answer questions about its own role in failing to stop the rigging of Libor rates.

The full interview is available here:  http://www.bloomberg.com/video/lawmaker-says-committee-will-recall-diamond-GKu7fXoXSh~H73CFY4Uefw.html

Agius confirmed today that Diamond is to forego bonuses of up to £20m as part of the terms of his departure from the bank. Instead he will receive about £2m in salary and benefits.

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