Prime Minister David Cameron says the management of Barclays will have to answer some "serious questions" over an investigation which found it had manipulated interbank lending rates over several years.

The bank was fined £290 million pounds by US and UK regulators on Wednesday.

"Look this is a scandal, it's extremely serious, they've paid a very large fine and quite rightly but frankly the Barclays management team have some big questions to answer - how did this happen, who was responsible, who's going to be held accountable for it. Those are issues they need to determine and determine quite rapidly. In terms of what happens next, I would say that the regulators should use all the powers and means at their disposable to pursue this in ways that they

Dopesheet

Senior politicians have been piling the pressure on top executives at

Barclays, following revelations that traders helped rig key

bank-to-bank lending rates, at the height of the financial crisis.

David Cameron said managers had serious questions to answer; the

Labour leader, Ed Miliband said that he wanted to see the force of

the law brought against those responsible.

/Dopesheet

Shotlist

0' - 0'49" - UK Parliment material - Chancellor George Osborne 0

'49" - end - Pool - Labour Leader, Ed Miliband

13:19:11:06 SOUNDBITE (English) Chancellor George Osborne: "First,

the FSA report is a shocking inditement of the culture at banks like

Barclays in the run up to the financial crisis. The email exchanges

between derivative traders and the libel submitters read like an

epitaph to an age of irresponsibility."

13:19:28:20 "As far as the chief executive of Barclays is concerned,

he has some very serious questions to answer today. What did he know

and why did he know it. Who in the Barclays management was involved

and who therefore should pay the price? It is quite right, and I

congratulate the chair of the treasury select committee for this,

that the select committee has asked him to appear urgently to account

for himself and his bank. We all want to hear his answers. The story

of irresponsibility is not over yet."

13:20:00:00 SOUNDBITE (English) Ed Miliband, Labour Party leader:

"Well I think people who are struggling to make ends meet around

Speaking later from Brussels, Mr Cameron told the BBC he was "determined" that all lessons are learned from the scandal.

"People have to take responsibility for the actions and show how they are going to be accountable for those actions and that's very important that goes all the way to the top of that organisation."

Barclays was "not alone" in efforts to rig a key interest rate benchmark, George Osborne told MPs as he said the scandal exposed a systemic failure in the financial system.

The bank was fined #290 million by US and UK regulators for trying to manipulate the rates at which banks lend to each other to boost its profits.

Updating MPs on the case, Mr Osborne said the bank's chief executive Bob Diamond had "very serious questions to answer" about what he knew and when.

The fine was imposed on Barclays by the Financial Services Authority (FSA) and US regulators over attempts to rig the Libor (London Interbank Offered Rate) and Euribor interbank lending rates.

But Mr Osborne told MPs: "Barclays are not alone in this. The FSA is continuing to investigate the conduct of a number of other banks in relation to Libor."

Barclays was "not alone" in efforts to rig a key interest rate benchmark, George Osborne told MPs as he said the scandal exposed a systemic failure in the financial system.

The bank was fined #290 million by US and UK regulators for trying to manipulate the rates at which banks lend to each other to boost its profits.

Updating MPs on the case, Mr Osborne said the bank's chief executive Bob Diamond had "very serious questions to answer" about what he knew and when.

The fine was imposed on Barclays by the Financial Services Authority (FSA) and US regulators over attempts to rig the Libor (London Interbank Offered Rate) and Euribor interbank lending rates.

But Mr Osborne told MPs: "Barclays are not alone in this. The FSA is continuing to investigate the conduct of a number of other banks in relation to Libor."

mfl 281242 JUN 12

Pressure is growing on senior staff at Barclays after the bank

admitted trying to manipulate the main inter-bank lending rate, or

LIBOR.

Barclays has been fined 290 million pounds by regulators in the UK

and the US. The bank's chief executive, Bob Diamond, has already said

he's to forego receiving his bonus as a result. The London Mayor,

Boris Johnson, says the activities that led to the manipulation of

the rates need to be fully investigated.

The former chief executive of Barclays Martin Taylor has told the BBC

that the bank has engaged in "systematic dishonesty".

It comes after Barclays was fined 290 million GBP (362.5 million EUR)

for having tried to manipulate interest rates which can affect the

cost of mortgages and loans.

Mr Taylor said that Barclays' deception looks like a deliberate

strategy as it had been going on for years.

The Chancellor, George Osborne, will make a statement on Barclays in

the House of Commons later on Thursday.

/Dopesheet

Shotlist

10:33:16:15 GVS archive - treated pix of workers at Barclays

10:33:29:17 GVS archive - exterior shots of branch of Barclays bank

10:33:35:16 SOUNDBITE (English) TRACEY McDERMOTT 1/4Financial Services

Authority: "We knew this conduct was extremely serious, as reflected

in the level of penalty which we've imposed on Barclay, which is by a

significant margin the highest penalty we've imposed on a firm for

misconduct in the past."

10:33:46:12 GVS Bob Diamond at treasury select committee in January

2011

10:34:07:16 GVS Bob Diamond at AGM (April 2012)

10:34:17:16 SOUNDBITE (English) Boris Johnson reax - 28-JUN-2012: "I

think that if there's been criminal activities, then clearly people

need to pay the price for that. And I think to manipulate an interest

rate for gain looks to me like a very, very dodgy practice indeed.

And I hope that the whole thing is fully investigated and that those

who are liable pay the price."

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