March 9, 2012 / 4:35 PM / in 6 years

RBS has "substantial" defences to Libor claims

LONDON (Reuters) - Royal Bank of Scotland has substantial defences to claims against it related to a probe into interbank lending rates, the bank — which is majority-owned by the government — said in its annual report.

Certain of its staff had been named as defendants in a number of class actions and individual claims filed in the United States with respect to the setting of the London Interbank Offered Rate, known as Libor, the bank said.

Regulators in the UK, the United States and Asia have been investigating possible manipulation of the rate at RBS and a number of other banks.

“The Group considers that it has substantial and credible legal and factual defences to these and prospective claims,” RBS said.

Reporting by Steve Slater and Sarah White

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