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File Note: Call to RED from Paul Tucker, Bank of England Date: 29th October 2008 Further to our last call, Mr Tucker reiterated that he had received calls from a number of senior figures within Whitehall to question why Barclays was always towards the top end of Libor pricing. His response was "you have to pay what you have to pay". I asked if he could relay the reality, that not all banks were providing quotes at the levels that represented real transactions, his response "oh, that would be worse". I explained again our market rate driven policy and that it had recently meant that we appeared in the top quartile and on occasion the top decile of the pricing. Equally, I noted that we continued to see others in the market posting rates at levels that were not representative of where they would actually undertake business. This latter point has on occasion pushed us higher than would otherwise appear to be the case. In fact, we are not having to 'pay up' for money at all. Mr Tucker stated the levels of calls he was receiving from Whitehall were 'senior' and that while he was certain we did not need advice, that it did not always need to be the case that we appeared as high as we have recently. RED
edit on 3-7-2012 by Threegirls because: to clarifyedit on 3-7-2012 by Threegirls because: typoedit on 3-7-2012 by Threegirls because: to correctedit on 3-7-2012 by Threegirls because: sameedit on 3-7-2012 by Threegirls because: to clarify
Basically Barclays were complaining that they look bad because the other banks were fudging the numbers and they are told that they really didn't need to keep looking bad, nudge nudge wink wink.edit on 3-7-2012 by Threegirls because: ARGH
it did not always need to be the case that we appeared as high as we have recently
Originally posted by cloaked4u
reply to post by CX
I am a 5 year old. Do i get any stars for this one? It might add to my collection of brag points. Really, that is what this implication stuff is all about. I better than you because i say so, because i took it from you because you are a sheep and therefore you deserve your downfall because people like them can do it to you, so they THINK, they better attitude. Seems like these people have a MENTAL disease. NO?