BaFin fines Deutsche Bank 8.66 million euros | Photo credits: Deutsche Bank AG
FRANKFURT, December 29 (Reuters) – BaFin, the German financial market supervisory authority, announced on Wednesday that it had imposed an administrative fine of EUR 8.66 million on Deutsche Bank for failing to monitor the Euribor (Euro Interbank Offered Rate).
“As a bank participating in Euribor, (Deutsche Bank) did not have at the time effective prevention systems, controls and policies” against its obligations defined by the regulations, notes the Bafin (Bundesanstalt für Finanzdienstleistungsaufsicht), in a press release.
Deutsche Bank for its part has specified to accept this fine, fruit of an agreement with BaFin and assured to have since put in place measures to improve the controls on the Euribor interbank rate, benchmark of the euro rate markets.
“Deutsche Bank has no evidence to suggest that the problems sanctioned by this fine have led to erroneous transmissions to the administrators of this reference rate,” said the German bank.
This announcement constitutes another setback for the first German bank, whose new leaders are trying to restore its reputation after a decade marked by numerous investigations by the courts and regulators. (Report Tom Sims and Hans Seidenstuecker, French version Myriam Rivet, edited by Jean-Stéphane Brosse)