RBC Says It Didn’t Collude With Other Banks in Libor Rate |
Businessweek - Jul 6, 2012 |
Royal Bank of Canada, the country’s largest lender by assets, said it didn’t collude with other banks in setting the London interbank offered rate, distancing itself from probes on whether banks rigged benchmark rates.
“We have determined that RBC acted in accordance with the British Bankers’ Association requirement that our Libor submissions accurately reflected our perception of our cost of funds and that we did not collude with other banks,” Katherine Gay, a spokeswoman for the Toronto-based bank, said today in an e-mailed statement.
Regulators in the U.S., Europe and Asia are investigating whether banks that help set key rates for $360 trillion of securities were involved in collusion. Royal Bank is among 16 lenders that participate in setting Libor and one of 18 banks on the U.S. dollar rate-setting panel, according to the British Bankers’ Association.
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- Posted: 2012-07-06 12:46:32
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