Royal Bank of Scotland accused of misleading statements in Libor case

 “The Canadian agency investigating whether banks manipulated a key global interest rates accused Royal Bank of Scotland Group on Wednesday of failing to cooperate with its probe and of making misleading statements about it. Escalating a dispute over the Canadian Competition Bureau’s request for internal documents, the Ottawa-based agency said RBS was not cooperating fully, as the bank claimed, with the probe into possible collusion in setting the yen Libor rate,” a Reuters article wrote, published by the Financial Post last week. The article continued, “‘The suggestion that the RBS Group is ‘co-operating fully’ with the bureau is false,’ the federal agency said in a statement on its website. RBS said it has challenged the Canadian investigators’ methods for obtaining information due to confidentiality concerns, but is willing to find alternative ways of turning over the documents. ‘It is simply not accurate to imply that we do not want to cooperate with the Canadian Competition Bureau,’ the bank said in a statement. When asked why the bureau took the unusual step of going public with its spat with the bank, a spokesman said it felt compelled to react after seeing media reports of the RBS statement, included in its quarterly earnings report.” Read the full article here. | Raymond Matt, CFP, CLU, TEP, CHS

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