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German finance watchdog fines Deutsche Bank for EURIBOR controls -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO: The logo of Germany’s Federal Financial Supervisory Authority BaFin (Bundesanstalt fuer Finanzdienstleistungsaufsicht) is pictured outside an office building of the BaFin in Bonn, Germany, April 15, 2019. REUTERS/Wolfgang Rattay

FRANKFURT, Reuters – On Wednesday, the German financial regulator BaFin said that it had issued a fine. Deutsche Bank (DE:] 8.66 Million Euros ($9.78million) to control the Euro Interbank Offered Rat (EURIBOR). This is a blow to the country’s biggest lender, as it seeks its reputation to be restored.

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

Deutsche Bank claimed it was happy to pay the fine, and that it has taken steps to increase its controls.

The bank stated that Deutsche Bank did not indicate that incorrect submissions were made to the benchmark administrator as a result of the fined issue.

($1 = 0.8853 euros)

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