(Bloomberg) Germany’s finance regulator fined Deutsche Bank AG 8.66 million ($9.8M) over its actions in submissions for Euribor, a reference rate, which affected the industry.
In a statement, BaFin noted that the lender temporarily did not have an effective system and controls for contributions to the benchmark rate.
BaFin further stated that Deutsche Bank has the legal right to appeal the decision, acknowledging that the company accepting the fine creates “legal certainty.”
More than 100 years after the financial crisis, banks are still working through remediation interventions and regulatory probes.
Even though comparatively small, the BaFin fine signals that Deutsche Bank has not fully delivered on the commitments it made after facing penalties in the Libor benchmark-rigging scandal.
Germany’s largest lender faces numerous legal and regulatory struggles that continue to overshadow the progress it made in restoring sustainable profitability.
DBK down -0.34%.
