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Canada battles with UK over RBS Libor documents

Jan 28 2013 Reuters

Britain cannot be relied on to force Royal Bank of Scotland Group Plc 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.  The bureau, an arm's length agency of the Canadian government, is investigating whether RBS colluded with other banks and brokers in setting the yen London interbank offered rate (Libor) as part of a global rate-fixing scandal. At stake are corporate reputations and potentially huge fines.  RBS has argued that the Canadian government, acting for the bureau, could ask the British government, under a mutual

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