UBS Chairman Axel Weber raised the possibility of an industry-wide settlement for the rest of the banks involved in the Libor rate fixing scandal at a meeting of top bankers in Davos, sources familiar with the matter said.
Reuters reports that Weber used the meeting of bankers at the annual World Economic Forum in the Swiss Alpine resort to argue that an industry-wide settlement - similar to deals which have been struck with U.S. regulators in the past - would prevent further reputational damage to the industry.
In the meantime, the news agency also reports that Britain cannot be relied on to force Royal Bank of Scotland to give Canadian authorities documents on alleged interest rate rigging, because the British government is RBS's majority shareholder, Canada's Competition Bureau argued this month.
An affidavit filed by Canadian lawyer on behalf of the Competition Bureau was the latest salvo in a sometimes nasty battle between the bureau and RBS over whether the bureau can compel the British banking group's Canadian subsidiary to hand over potentially damning records held at RBS's head office or elsewhere outside Canada.
image: © Groume