Implode-o-Meter News - Bank of England dragged into rate-rigging row'

Mr Diamond is likely to face calls to issue a full apology when he is questioned by Parliament's Treasury committee on Wednesday. Sources confirmed he would be asked exactly what he talked about with Mr Tucker, the second most senior figure in the Bank of England, during the crucial phone call about Libor in October 2008.
MPs will be especially keen to know how a confused message was passed on to Barclays traders, who ended up "escalating" the rate-rigging scandal soon afterwards.
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Both Barclays and the Bank admit that a conversation took place about Libor but deny there was any instruction to lower the rate. They claim that traders misunderstood directions from their superiors about how they should deal with Libor.

The Financial Services Authority accepted the explanation that instructions from the bank's executives were misinterpreted by more junior employees.

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Bank of England dragged into rate-rigging row'