The German financial regulator has fined Deutsche Bank € 8.66 million for its handling of Euribor issues, a benchmark interest rate at the heart of a scandal that has hit the industry.
The bank has not had operating systems and controls for some time regarding its contribution to the index, BaFin said in a statement.
More than a decade after the financial crisis, which revealed appalling behavior and inadequate control mechanisms, banks are still facing measures to improve the transparency of their transactions and regulatory controls. Although relatively small for the size of the bank, according to Bloomberg, the fine of BaFin indicates that Deutsche Bank has not fully implemented its commitments after imposing the highest fines in the industry in the context of its circumvention scandal. Libor.
“The bank accepts the fine in the context of a compromise with BaFin, which creates legal certainty,” Deutsche Bank said in a written statement. “For us, it remains a top priority to identify and address potential weaknesses in our control mechanisms.”
Deutsche Bank also states that it has implemented preliminary measures to improve controls in cooperation with the supervisory authorities.
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Source From: Capital
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