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Former Barclays CEO Diamond contests U.K. report that he withheld information

Bob Diamond

Former Barclays CEO Bob Diamond contested a report on Saturday by the U.K.’s Treasury Select Committee that accused him of withholding information related to the recent Libor scandal.

“Mr. Diamond’s evidence, at times highly selective, fell well short of the standard that parliament expects, particularly from such an experienced and senior witness,” Andrew Tyrie, the chair of the Treasury Select Committee, said, according to Global Times.

Diamond defended his testimony, however, maintaining that he was forthcoming with authorities.

“I strongly challenge certain assertions about my testimony,” Diamond said, Global Times reports. “I answered every question that was put to me truthfully, candidly and based on information available to me. I categorically refute any suggestion to the contrary.”

Public outrage following news of the scandal led Diamond, as well as Marcus Agius, the chairman of Barclays, and Jerry del Missier, its former COO, to resign.

The London interbank offered rate — commonly referred to as Libor — is a key interest rate used in derivatives contracts and other financial products and services. Barclays announced that it had submitted artificially low rates in an attempt to manipulate Libor and deflect concerns regarding the bank’s financial health.

Barclays agreed to pay $453 million in a settlement with U.S. and U.K. authorities related to the scandal. Analysts, however, say that the bank could face numerous lawsuits, as Libor rates influence mortgage rates passed to consumers.

“Public trust in banks is at an all-time low,” Tyrie said, according to Global Times. “Urgent improvements, both to the way banks are run, and the way they are regulated, is needed if public and market confidence is to be restored.”

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