The BBC unveiled a secret recording that implicates the BOE
The 2008 recording adds to evidence that the central bank repeatedly pressured commercial banks during the financial crisis to push their Libor rates down.
In tonight's BBC Panorama programme called The Big Bank Fix the recording calls into question evidence given in 2012 to the Treasury Select Committee by former Barclays boss Bob Diamond and Paul Tucker, the man who went on to become deputy governor of the Bank of England.
During the recording, a senior Barclays manager, Mark Dearlove, instructs Libor submitter Peter Johnson, to lower his Libor rates.
He tells him: "The bottom line is you're going to absolutely hate this... but we've had some very serious pressure from the UK government and the Bank of England about pushing our Libors lower."
Mr Johnson objects, saying that this would mean breaking the rules for setting Libor, which required him to put in rates based only on the cost of borrowing cash.
Mr Johnson says: "So I'll push them below a realistic level of where I think I can get money?"
His boss Mr Dearlove replies: "The fact of the matter is we've got the Bank of England, all sorts of people involved in the whole thing... I am as reluctant as you are... these guys have just turned around and said just do it."
The phone call between Mr Dearlove and Mr Johnson took place on 29 October 2008, the same day that Mr Tucker, who was at that time an executive director of the Bank of England, phoned Barclays boss Mr Diamond. Barclays' Libor rate was discussed.
Mr Diamond and Mr Tucker were called to give evidence before the Treasury select committee in 2012. Both said that they had only recently become aware of lowballing.
Two traders who made requests for Mr Johnson to move Libors up or down, Jay Merchant and Alex Pabon, were found guilty last June of conspiracy to defraud along with another submitter, Jonathan Mathew.
However, the jury could not reach a verdict on two other traders then on trial, Ryan Reich and Stelios Contogoulas. The Serious Fraud Office requested a retrial which concluded last week. Both Mr Reich and Mr Contogoulas were unanimously acquitted.
The Bank of England said: "Libor and other global benchmarks were not regulated in the UK or elsewhere during the period in question.
"Nonetheless, the Bank of England has been assisting the SFO's criminal investigations into Libor manipulation by employees at commercial banks and brokers by providing, on a voluntary basis, documents and records requested by the SFO."
BOE in the dock for LIBOR rigging
