This is the point at which I have to wrap up and go for lunch I’m afraid. Here is a link to the live player on the Commons website in case the committee keeps going for a while.
To recap some of the most important points which will provide tomorrow’s headlines:
* Diamond said that the “period of remorse and apology” for banks needs to be over and the City should be allowed to move on.
* He said banks should be “allowed to fail” and that taxpayer-funded bailouts were unacceptable.
* He said he was committed to being responsible on bonuses, though bonuses at Barclays have not yet been set and therefore he couldn’t possibly comment on this year’s round.
* He defended Barclays shareholders from the suggestion that they are “uninformed”, given that they aren’t given a chance to discuss bonus payments before they are paid.
* He claimed not to know how many Barclays subsidiaries are offshore (although Chuka Umunna suggested it was over 300). Nor did he know how much of the tax paid by the bank was via its payroll.
* He reminded MPs that there was an inherent contradiction between being asked to behave responsibly – while being asked to lend more and more by politicians.
12.15: Diamond is asked by Andrew Tyrie whether matters would improve if executives had more skin in the game via unlimited liabilities. Unsurprisingly, this prospect is not very tantalising to the Barclays chief executive.
He cites the example of Stephen Hester, the highly-regarded new head of RBS. Would he have taken that job if he had unlimited liabilities? Ditto the new chief executive of Lloyds Banking Group, Antonio Horta-Osorio.
12.09: Andrea Leadsom, the MP who used to work for BZW, says Diamond has been talking in “fantasy” speak. Read more