Libor scandal – German Bank expects billion penalty – Süddeutsche.de

• The German bank has for the first quarter of cost of 1.5 billion euros for litigation.
• regulators in the US and Britain reportedly want to give an agreement in the Libor scandal announced on Thursday. The penalty will be 1.4 billion.

litigation cost the German Bank in the first quarter of around 1.5 billion euros. These costs are mostly not tax deductible, the money House announced Wednesday evening. Nevertheless, the German bank would report a profit in the first quarter and recorded revenues almost at record levels.

The bank left open for legal cases which the costs are incurred. It is expected that the punishment in the scandal amounts to interest rate manipulations to about $ 1.5 billion. A comparison with the regulators in the UK and the US should already be announced this Thursday.

In the interest scandal banks are entangled around the globe. According to the findings of regulators, individual negotiators had agreed on important reference interest rates such as Libor and Euribor to be brushed trading profits. At such rates businesses worldwide hanging in a volume of several hundred billion dollars. Several institutions have concluded settlements with various instances in recent years. Of the EU Commission, the German bank end of 2013 had already been sentenced to a fine of 725 million euros.

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Libor scandal German bank will pay 1.4 billion euros

The German bank could be in the Libor scandal soon reach an agreement with the United States and Great Britain – then it would be expensive for the Institute.