There is now a smoking gun linking the Bank of England with the Libor scandal. That is the first Central Bank to be linked to the scandal.

The Libor is the average interest rate extended by major banks across the world that decides how much it costs for banks to borrow from each other. The indicator is linked with a number of financial products ranging from mortgages to insurance policy. In sum, Libor underpins a derivatives market worth $350 trillion in the US and Europe.

The scandal erupted in 2012 when it was discovered that banks were falsely inflating or deflating their rates so as to profit from the trade. In July 2012 2012, the former Governor of the Bank of England denied any connection with Libor.

Since 2015 Deutsche Bank, Barclays, UBS, the Royal Bank of Scotland, and Credit Agricole have also paid billions in fines for manipulating the Libor interbank rate. Now, the BBC has uncovered a recording which suggests there is a direct link with the Bank of England, that is, the U.K’s Central Bank.

In the recording dating back to October 29, 2008, the Barclays manager, Mark Dearlove, instructs Libor submitter Peter Johnson to lower Libor, being under pressure by the Bank of England to do so.

Mr. Dearlove has been under investigation by the Serious Fraud Office for Libor manipulation, Bloomberg reports. Peter Johnson was sentenced to four years in prison in July 2016.

Both men testified in parliament in 2012, denying any Libor manipulation. However, in November 2016, The Times and The BBC revealed leaked Court documents that establish that Bank of England officials was at least aware if not complicit of Libor manipulation since 2007.