By Becky Barrow and James Chapman PUBLISHED: 08:29 EST, 9 July 2012 | UPDATED: 02:03 EST, 10 July 2012 A top Bank of England executive was yesterday accused of being asleep on the job despite repeated warnings that Britain’s banks were fiddling key interest rates. Paul Tucker was slammed for ignoring the warnings and failing to take notes of key meetings – shortly after a string of newly-published emails detailed his cosy relationship with top bankers and civil servants. During a ferocious grilling by MPs on the Treasury Select Committee, Andrew Tyrie, the chairman and a Tory MP, warned: ‘This does not look good, Mr Tucker'
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Paul Tucker subject to ferocious grilling by Treasury Select Committee MPs
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He claimed he didn't know banks were 'low-balling' Libor submissions
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Said notes of phone call taken by Bob Diamond gave the 'wrong impression'
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Denies pressure to encourage Barclays to understate its Libor submissions
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Deputy governor likens the setting of Libor by banks to a 'cesspit'
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Says he only recently became aware that interest rates were being fixed
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Mr Tucker said 'every shred' of Libor's credibility has been torn up
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Libor concerns may have been raised in 2007 at BoE meeting
Governor @placeholder, left, to former Barclays boss Bob Diamond, right,