BANKING

RBS refuses to turn over data to Canadian regulators

BLOOMBERG FILE PHOTO/SIMON DAWSON
THE ROYAL BANK OF SCOTLAND, one of more than 10 banks under scrutiny from authorities in a rate-rigging scandal, is refusing to turn over information to Canadian regulators.
Posted 7/17/12

NEW YORK - Citizen Bank parent the Royal Bank of Scotland is one of more than 10 banks under scrutiny from authorities in a rate-rigging scandal and is refusing to turn over information to Canadian regulators, according to The New York Times.

RBS said that it was “cooperating with regulators in their investigations,” but in court documents, the bank said it was unable to share information with Canada’s Competition Bureau because of British law, according to the Times, which added that the bank said sharing the documents would be an “unreasonable search and seizure” and violate its “privilege against self-incrimination.”

“We want to cooperate with the C.C.B. and have proposed ways to do that which allow us to comply with our English legal obligations,” said RBS officials in a statement.

According to the news source, the Canadian investigation on the manipulation of interest rates includes the Royal Bank of Scotland, JP Morgan Chase, UBS, Citibank, BSHC and Deutsche Bank and spans from 2007 to mid-2010.

At least nine governmental regulatory bodies, including authorities in the United States, Canada, the United Kingdom, Switzerland and Japan, are examining the banks.

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