The President of the Barclays group has resigned

The President of one of the most important banking groups in the world, Barclays, has resigned after several disclosures regarding the manner in which his personnel manipulated the credit interest rates.

According to BBC, on the occasion of his resignation, Marcus Agius stated that the scandal is a ” devastating blow” to the bank’s reputation, according to BBC.

Marcus Agius, 65 has been in office since January 2007.

The president of the Barclays board, the second largest British bank after its net assets , is the most important executive director who resigned in the wake of the international investigation of the allegations that the large banks had conspired to manipulate Libor (London Interbank Offer Rate,) the reference interests on the interbank market that serves as a global index for interests. The executive manager , Robert Diamond, refused to resign from office.

Robert Diamond is the subject of pressures from the British and US authorities after the investigation revealed that the bank ” had tried systematically” to manipulate reference interests for interbank credits in dollars and euros for the London market.

Robert Diamond and Marcus Agius are to be examined at the Treasury Committee of the Parliament of Great Britain.

The British Government is preparing its own debate on the reorganization of Libor interests, including a few additional criminal sanctions for those who breach the regulations, a representative of the British treasury declared.

The British vice president David Cameron requested at the end of June the full assumption of responsibility for all irregularities.

The British opposition has echoed the harsh criticism of banks, with Ed Miliband, leader of the Labor Party, demanding a thorough investigation of the practices of the financial industry.

Translated by Vlad Nichita

MTTLC, Bucharest University