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Paul Tucker remains the odd-on favourite to succeed Mervyn King as governor of the Bank of England. But following his appearance before the Treasury Select Committee yesterday, the odds lengthened at William Hill:
- Paul Tucker - 6/4
- Gus O’Donnell - 5/2
- Adair Turner - 3/1
- Stephen Green - 9/2
- John Varley - 8/1
- Mark Carney - 10/1
- Peter Sands - 12/1
Marcus Agius has admitted to Teresa Pearce MP that Bob Diamond will walk away with a full year's salary, even though his contract only entitles him to six months' pay.
Responding to Mr Diamond's pay-off settlement, Prime Minister David Cameron's official spokesman has said:
Marcus Agius was pressed about when he first realised that there may be an issue with the bank's Libor submissions. He said he was not aware until the FSA investigation started in 2010.
Asked how the rigging of such an important rate was not known to him, he has repeatedly blamed the "extraordinary circumstances" of the time when the financial crisis was in full swing:
Marcus Agius has described the course of events leading up to Bob Diamond's resignation, including the Bank of England's governor telling him that Mr Diamond had lost his support and Mr Diamond's reaction.
Marcus Agius has told MPs that the day before Bob Diamond's resignation he was summoned to the Bank of England to meet the governor Mervyn King. He said he was informed that Mr Diamond "no longer enjoyed the support of his regulators".
Mr Agius said the news came as a "shock" because the issue of Mr Diamond's position had not been mentioned earlier. He held a meeting by telephone with the Barclays board and he said the members of the board which "concluded that we had no choice but to call for his resignation".
He said he then broke the news to Mr Diamond, finishing the conversation "confident that if he hadn't already made the decision [to resign] that he would make the right decision".
Marcus Agius was asked whether he felt ashamed that the reputation of Barclays was "dragged through the mud" under his watch. He replied:
Barclays chairman Marcus Agius has told the Treasury Select Committee that the bank's former chief executive Bob Diamond has decided to forgo bonuses worth up to £20 million.
Marcus Agius has said that he resigned partly because he felt the alternative would be Bob Diamond's resignation, which was something that the board of Barclays did not want.
He also said: "I resigned because I felt responsible as the ultimate keeper of the bank's reputation".
Mr Agius has since been reinstated on a temporary basis to select Bob Diamond's successor.
Asked to clarify how much Bob Diamond will walk away with after agreeing to forgo deferred bonuses, Marcus Agius said the amount would be between £1.35 million and £1.5 million.
Latest ITV News reports
Bob Diamond tonight angrily rejected suggestions that he misled MPs over regulators' concerns about activities at Barclays.
The Bank of England's Paul Tucker told MPs he refuted claims that he attempted to influence Barclays into manipulating the Libor rate.