UPDATE 1-RBS not fully cooperating on Libor -Canada investigators

By Louise Egan

OTTAWA, Nov 14 (Reuters) - A claim by Royal Bank of Scotland Group that it is cooperating fully with Canada's Competition Bureau in an investigation into possible collusion in setting the yen Libor rate is false, the Canadian law enforcement agency said on Wednesday.

'The suggestion that the RBS Group is 'co-operating fully' with the bureau is false,' the federal agency said in a statement on its website. '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 said.

RBC responded that it cannot cooperate fully with Canada's Competition Bureau in its investigation into possible collusion in setting the yen Libor rate because it requires the bank to break laws in the UK.

'It is simply not accurate to imply that we do not want to cooperate with the Canadian Competition Bureau,' RBS said in a statement.

'We have told the Bureau that we want to provide the documents they are requesting, but that the mechanism they have chosen requires RBS to break laws in the UK.'

The Canadian agency noted that the investigation was ongoing and that it had not made any conclusion of wrongdoing.

The bureau said it was correcting public statements made by the bank in its third-quarter earnings, in which the UK lender said it was co-operating fully with investigations by authorities in Canada, Europe and the United States.

U.S. and UK authorities have also been investigating bank over how it set Libor and other interest rates.

Many expected RBS to be one of the next banks to settle after British rival Barclays was fined $450 million in June. More than a dozen banks are under investigation by authorities in the United States, Europe and Asia.

RBS said earlier this month when it published third quarter results that it expected to start talks on a settlement soon, which would likely result in financial penalties.

(Additional reporting by Jeffrey Hodgson; Editing by Phil Berlowitz) Keywords: CANADA RBS/

(Andrea.Hopkins@thomsonreuters.com)(+1-416-941-8159, Reuters Messaging: andrea.hopkins.thomsonreuters.com@reuters.net)

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