Paul Tucker 'aware of move to fix Libor Andrew Tyrie, the TSC chairman, has described the note of the conversation between Mr Tucker and Mr Diamond as "a nod and a wink" for Barclays to rig their Libor rate. "The question will be whether Mr Tucker knew Libor was being manipulated and whether he was allowing it for the sake of market confidence," one source said. He will also be asked to clear up speculation about whether Baroness Vadera and Cabinet Secretary Sir Jeremy Heywood were preparing to nationalise Barclays in 2008 or encouraging banks to lower Libor submissions. The exchange between Mr Tucker and Mr Diamond in October has become a central issue in the scandal, raising questions about the role of regulators and politicians in so-called low-balling. Barclays was last month fined £290m for attempting to manipulate Libor, committed both by rogue traders trying to boost their bonuses and by "senior management" trying to protect the bank during the crisis. Mr Diamond was last week forced to step down over the issue and is fighting to secure a pay-off of between £17m and £20m. He has appointed lawyers and is in the process of hiring a public relations company to handle the reputational fall-out. The Barclays board is planning to claw back some of Mr Diamond's pay to reflect both the fine and damage to the bank's share price and credibility. However, as Mr Diamond was not sacked for any contractual breaches he is entitled to any deferred prior awards. Barclays has begun the search for a new chief executive by appointing headhunters Spencer Stuart. The firm is expected to look beyond the UK, to the US, Canada and Australia. Shareholders are said to be keen for fresh blood to shift the focus away from investment banking and refresh the bank's culture, which will make it difficult for internal candidates such as Antony Jenkins, Naguib Kheraj and Tom Kalaris to state their case. The board has not discussed the possibility of separating the investment bank and listing it in New York. The US Federal Reserve is said to have indicated that it would reject the application, should one be made, as it does not want the burden of a bank with £1.16 trillion of assets.