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Canada Competition Bureau: RBS Not Cooperating on LIBOR

Canada’s Competition Bureau said Royal Bank of Scotland Group Plc isn’t cooperating with an investigation into alleged interest-rate fixing.

The bureau has been probing the conduct of at least seven firms, including RBS, into allegations they manipulated the Yen London interbank offered rate.

Suggestions by RBS in a recent quarterly statement that the bank is cooperating fully with the probe are “false,” the competition watchdog said today in a news release.

RBS hasn’t applied for immunity or leniency, and challenged a production order sought by the bureau seeking documents from the bank, said the bureau, which regulates antitrust matters.

A spokesman for the Edinburgh-based bank said it’s “simply not accurate” to say RBS doesn’t want to cooperate with the competition bureau.

“We have told the bureau that we want to provide the documents they are requesting, but that the mechanism they have chosen requires RBS to break laws in the U.K.,” spokesman Ed Canaday said in an e-mail.

Canaday said the bureau has refused offers to overcome the issue through a “number of alternative mechanisms.” RBS remains committed to cooperating fully with the bureau, he said.

RBS obtained an interim stay in February on a court order compelling it to turn over records to the bureau.

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