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Live from the floor of the Frankfurt Stock Exchange
German bank billions sentence for interest rate manipulation
The list of sites of Deutsche Bank is long. In one case, the German manufacturer could now soon to draw a line – but at a high price.
The German bank is on the affair of the manipulation of the interest rate Libor media reports, just before a billion-dollar agreement in the US and the UK. Thus, the largest German money home to pay a record amount of more than $ 1.5 billion (1.4 billion euros), reported that “New York Times” and the Financial Services Bloomberg on Thursday, citing inaugurated circles. The German bank said on Friday they keep working together with the authorities who were investigating the Libor affairs.
Reference Libor interest rate is specified average
The reference rate Libor is a specified average of banks, institutions mutually borrow money to. The interest rate, the dealer of several major banks have manipulated over the years for its own benefit, is a guide for financial transactions of hundreds of trillions of dollars – many loans are coupled thereto.
According to the reports Germany’s largest bank would in Control pay the highest fine imposed by a Libor-case so far. The previous record sum had the Swiss UBS get aufgebrummt 1.5 billion US dollars.
725 million euros from the EU in 2013
But the German bank could the years-long conflict but in one fell swoop with the US Department of Justice and the other investigating regulators in America and Great Britain enclose. According to the reports that could happen later this month. The EU had already aufgebrummt the money home end of 2013, a fine of 725 million euros.
However, the Libor affair is not the only site of the German industry leader. Management Board and Supervisory Board must find an answer to the question of how the Group in spite of increasingly stringent regulations of the authorities and Mini-interest can permanently earn back more. For months, is struggling in its Frankfurt headquarters, at the right price.
In the US would not agree with any issues off the table. Always new rules for foreign banks make money Germany’s largest house in the country life difficult. There are also other legal battle – the charges range from dubious mortgage deals to tax evasion and investigation for illegal transactions with “rogue states”. (10.26 clock)
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