Chairman of the Treasury Select Committee Andrew Tyrie MP has branded Barclays' actions as 'inexcusable'.
Barclays was yesterday fined £59.5m by the Financial Services Authority, the largest fine the FSA has ever issued, for attempts to manipulate rate-setting references.
Barclays was also fined by the US Commodity Futures Trading Commission and United States Department of Justice Fraud Section, bringing the total fine to £290m.
Mr Tyrie said: "This is a very serious breach. I am very concerned about it.
"The price setting mechanism of LIBOR (London Interbank Offered Rate) is crucial to the integrity of the markets.
"This appears to have been put at risk. From the information I have, it looks inexcusable."
It is likely Mr Tyrie may now call Barclays management to give evidence on the failures.
Issues included Barclays seeking to influence the EURIBOR (European Interbank Offered Rate) submissions of other banks contributing to the rate setting process and reducing its LIBOR submissions during the financial crisis over concerns about
negative media comment.
It also made submissions which formed part of the LIBOR and EURIBOR setting process that took into account requests from Barclays' interest rate derivate traders who sought to benefit from Barclays' trading position.
Barclays management Bob Diamond, Jerry del Missier, Chris Lucas and Rich Ricci have all agreed to forgo their annual bonus as a result.