Betaville

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That meeting - part 3 Posted: 20 Jun 2016 02:16 AM PDT Regular readers will remember my piece from a couple of weeks ago about The Times follow up to my original story from last year about who attended a British Bankers Association board meeting on April 2016, 2008 and what was discussed. In case you don't, here are the links: http://betaville123.blogspot.co.uk/2015/04/that-meeting.html http://betaville123.blogspot.co.uk/2016/06/that-meeting-part-2.html Well, another meeting has been brought to my attention that is likely to raise further questions about who knew what about problems with Libor at the beginning of the financial crisis. Tucked away in the legal documents presented to the commercial court at the Wingate Associates (the property investor) against Lloyds hearing last month are details of a meeting between a bunch of top bankers, including a senior Lloyds director, and the Bank of England / BBA on April 25, 2008. This time, Lloyds retail director Helen Weir (now chief financial officer at Marks & Spencer) was allegedly present for Lloyds at the April 25, 2008 meeting. According to the legal documents, the substance of the meeting appears to be much the same as the April 16 meeting i.e. there is something up with Libor. Minutes of the meeting reference "discrepancies between dollar Libors and the rates at which panel banks are achieving dollar funding". The papers also allege there was an instruction given at the meeting by the Bank of England to "play Libor very straight". Er, what's going on here? I asked a Lloyds spokesperson and this is what he said: "Our statement of 28 July 2014 still stands. That statement made clear that the Group condemned the actions of the individuals responsible for the conduct in question, which it regarded as totally unacceptable and unrepresentative of the cultural changes that the Group has implemented and that these actions were not known about or condoned by the senior management of the Group at that time." Last week, I contacted a spokesperson for Marks & Spencer to give Helen Weir an opportunity to comment. Marks & Spencer declined to comment.

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