United Kingdom: Two Ex-BOE Deputy Governors Said to Be Questioned in SFO Probe

Author(s): Suzi Ring | Date: October 26, 2016 | Language: English
Source: http://www.bloomberg.com/ | URL: https://goo.gl/UBFmQM | Type: Text

A second former Bank of England deputy governor was interviewed by U.K. prosecutors over the possible manipulation of central bank liquidity auctions at the height of the financial crisis, according to a person with knowledge of the situation.
John Gieve, a BOE deputy governor from 2006 to 2009, was questioned by the Serious Fraud Office earlier this year, said the person, who didn’t want to be identified because the interviews are private. Paul Tucker, Gieve’s successor, was also questioned by the prosecutor in recent months. Both men were treated as witnesses, according to the person.
The interviews are part of an investigation, known as “Project Tile” at the BOE, looking at whether emergency liquidity mechanisms provided by the central bank during the financial crisis were manipulated. As money markets froze in 2008, the BOE allowed banks to swap a wider range of assets for funding through programs including the so-called Special Liquidity Scheme, a plan that allowed banks to exchange securities for U.K. treasury bills.

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