Sunday, 19 July 2015

Deutsche Bank disputes regulator's Libor report allegations

From Reuters –

“Deutsche Bank has disputed allegations by Germany's financial watchdog, sources close to the lender said, in its official response to a preliminary report into interest rate manipulation which threatens sanctions against the bank and individuals.

The watchdog, Bafin, issued scathing criticisms of several executives at Deutsche Bank in a report, sent to the lender in May, on attempts to manipulate interbank interest rates such as Libor, according to a copy of the report published by the Wall Street Journal on Friday.

Managers at Germany's largest bank failed to ask tough questions or establish basic controls to prevent traders from attempting to manipulate interest rate benchmarks that determine prices for trillions of dollars in assets like home loans and credit cards, the report alleged. A copy of the report was posted online by the newspaper.”

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