Canadian Regulator Corrects Alleged Inaccurate Statement Made by RBS

RBS branch window

The Competition Bureau is correcting public statements made by the Royal Bank of Scotland Group (RBS Group) related to an ongoing investigation into alleged collusive conduct in the setting of the Yen London Inter-Bank Offered Rate (LIBOR).

The RBS Group made the following statement on page 87 of its Q3 Interim Management Statement under the heading "Litigation, investigations and reviews":

The Group is also under investigation by competition authorities in a number of jurisdictions including the European Commission, US Department of Justice(Antitrust Division) and Canadian Competition Bureau, stemming from the actions of certain individuals in the setting of LIBOR and other trading rates, as well as interest rate-related trading. The Group is also co-operating fully with these investigations.

The suggestion that the RBS Group is 'co-operating fully' with the Bureau 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 is important to note that while the investigation is ongoing, there is no conclusion of wrongdoing at this time and no charges have been laid.

The Competition Bureau, as an independent law enforcement agency, ensures that Canadian businesses and consumers prosper in a competitive and innovative marketplace.

image: © Elliott Brown

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