Yesterday, she strongly denied being involved in conversations about Libor.
“I didn’t speak to Paul Tucker or anyone at the Bank of England about the rate-setting of Libor,” Baroness Vadera said. “I’ve been through my files. I don’t remember anything that would suggest that anyone in government understood some of the allegations that are in this report by rogue bank traders on Libor.”
She added: “it was a completely legitimate concern of government and regulators to worry about the access to credit and the cost of credit to the real economy –that was what the financial crisis was about.
“That shouldn’t be confused in any way with the actions of people, who as I understand for many years from this report, were manipulating how they set Libor.”
Read that carefully: she is clearly talking about the traders manipulating LIBOR to suit their book. Not about the second set, where Barclays (and others?) manipulated LIBOR down to make light of the credit crisis.
And it is the second that she is alleged to have taken part in/encouraged, not the first.