Marcus Agius, Chairman of Barclays Bank, is also Honorary Chairman of BBA which is responsible for the London interbank lending rate.

Marcus Agius, Chairman of Barclays Bank, responsible for fiddling the LIBOR (London interbank lending rate) is also Honorary Chairman of the British Bankers’ Association (BBA), the  trade body, which oversees the setting of the LIBOR.  He is also Chairman of the Board of Corporate Governance and Chairman of the committee for brand and Reputation.  (I wonder how much he is paid? Oh silly me, he is also a member of the remuneration committee).

Angela Knight of the BBA gave a very subdued performance when interview by Jon Snow (Channel 4 News – see clip here) I guess we won’t see Marcus being interviewed by Jon Snow anytime soon and I expect the BBA will be trying to keep a low profile and blame it all on the “regulatory authorities” i.e anyone but them.

Belatedly the BBA has called for Government review of Libor powers. But the BBA must have known for years what was going on, everyone else did. It is staggering dishonesty for it to try to blame others for its own failure to act with any degree of honesty or integrity:
ttp://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9363160/BBA-calls-for-Government-review-of-Libor-powers.html

Here is Marcus Aguis’ Biography from the BBA web site:

Marcus Agius – Honorary Chairman British Bankers’ Association

Marcus joined the Board of Barclays on 1 September 2006 as a non-executive Director and was appointed as Group Chairman from 1 January 2007.

Marcus’ extensive background in banking began at Lazard where he worked from 1972 to 2006, latterly as Chairman of Lazard in London and Deputy Chairman of Lazard LLC. He was Chairman of BAA plc until 2006 and is currently Senior Independent Director of the British Broadcasting Corporation (BBC) and Chairman of the Trustees of The Royal Botanic Gardens. Marcus is also Chairman of the British Bankers’ Association and a member of the Advisory Council of TheCityUK.

Marcus is Chairman of the Board Corporate Governance and Nominations Committee, a member of the Board HR and Remuneration Committee and Chairman of the Brand and Reputation Committee.

Source for text above: http://www.bba.org.uk/about-us/contacts

Angela Knight interview:
http://www.youtube.com/watch?v=ga6FX7fVdMI

BBA LIBOR:
http://www.bbalibor.com/governance

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