Canada’s Competition Bureau has called out Royal Bank of Scotland Group (RBS Group) over its statement that it is fully co-operating with the regulator’s investigation into possible LIBOR manipulation.
In response to RBS’ statement in its third quarter financials acknowledging that it is under investigation by competition authorities in a number of jurisdictions including Europe, the United States, and Canada, “stemming from the actions of certain individuals in the setting of LIBOR and other trading rates, as well as interest rate-related trading”; and, pledging that it is “co-operating fully with these investigations” — the Competition Bureau maintains that the claims of co-operation aren’t accurate.
The Bureau released its own statement, insisting that the suggestion that RBS Group is “co-operating fully” is false. “The RBS Group has not applied to the Bureau’s immunity or leniency programs and, in fact, has challenged a production order issued by the Ontario Superior Court of Justice in relation to the Bureau’s investigation,” it says.
The Competition Bureau also stresses that, while the investigation is ongoing, “there is no conclusion of wrongdoing at this time and no charges have been laid.”