British parliament to conduct banking inquiry

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IANS | 03 Jul, 2012
British Prime Minister David Cameron has announced that a parliamentary committee will probe the banking sector following Barclays' lending rate manipulation scandal.

The probe will involve both houses and will be chaired by Treasury Select Committee chairman Andrew Tyrie, Cameron told the House of Commons Monday, Xinhua reported.

"This committee will be able to take evidence under oath, it will have full access to papers and officials and ministers," Cameron said.

Barclays was fined USD 452 million by the US and British regulators last week for attempting to manipulate the interbank lending rate, or Libor, between 2005 and 2009.

The 65-year-old Barclays chairman, Marcus Agius announced his resignation Monday following the scandal.

"Bankers who have acted improperly should be punished," Cameron said, adding that it was important to learn lessons from the affair.