Deutsche Bank has been fined by Germany’s finance minister for failing to implement pricing measures, a hit by the country’s largest lender, who is trying to get out of Libor’s crisis.
BaFin noted that Deutsche Bank has not always been “secure, transparent and pragmatic” to ensure the “integrity and reliability” of Euribor-related data, a euro-like currency for Libor. The supervisor paid a fine of € 8.7m.
The move comes less than seven years after Deutsche Bank was forced to pay $ 2.5bn in damages to US and UK officials after a number of employees agreed to overthrow Libor, prices that support billions of dollars in loans and exits. .
The bank, which had the right to appeal, said it accepted the fine to make a “final guarantee”.
The penalty is the first of its kind to be imposed by BaFin in connection with the laws imposed on Libor’s waste products that are designed to save money. It is also the second fine for directors, after a € 40m fine for anti-theft activities offered to Deutsche Bank in 2015.
The initial penalty that BaFin originally demanded was significantly higher than the amount he announced, according to two people who are familiar with the matter.
A Deutsche Bank spokesman confirmed that BaFin had taken action after investigating the bank’s internal transfer of Euribor data. The surveyed issues related to the period between 2019 and 2020, a person familiar with the matter said.
But a spokesman added: “Deutsche Bank has no indication that the fine has led to a misdemeanor to the benchmark manager,” and said the lender had already begun to strengthen its internal system.
The defects were first discovered by foreign investigators and then deposited in a bank account, according to people familiar with the matter.
BaFin, who has been criticized for overseeing Wirecard and Greensill Bank, has been forced to impose strict financial rules on Germany. The new president Mark Branson, who was hired by Swiss regulator Finma, took office this year.
In October, the regulator took a surprising step in reducing the expansion plans for the Berlin fintech N26, citing concerns for early management that are growing rapidly.
Source link
