By Dhirendra Tripathi

Investing.com – Deutsche Bank stock (NYSE:) (DE:) traded 0.5% lower in Germany Wednesday after the lender was fined €8.66 million  ($9.8 million) by the country’s financial watchdog for lacking controls in its submissions for Euro Interbank Offered Rate.

Euribor, or the average interest rate that banks borrow from each other is similar to London Interbank Offered. These rates can be used to price consumer loans and complex derivatives.

BaFin stated that “the bank sometimes did not have effective preventive measures, controls and policies.”

Deutsche Bank accepted the penalty and stated that it would implement measures to strengthen its control.

While BaFin said Deutsche Bank has a right to appeal, the company said it accepts the fine to create “legal certainty.” 

UBS (NYSE 🙂 and JPMorgan(NYSE 🙂 were previously fined for manipulating the rates. They are now being phased out.

Germany’s largest lender has had a tumultuous time last few years, facing multiple legal and regulatory challenges while its management has struggled to restore profitability. The U.S. Justice Department recently told Deutsche Bank it might have violated a criminal settlement by failing to inform prosecutors about an internal complaint tied to the lender’s asset-management arm, Bloomberg said.