Frankfurt
The Deutsche Bank gets in a dispute to dubious mortgage transactions in the USA with a blue eye. Germany’s largest money house pay 3.1 billion dollars (€2.9 billion) to civil fine; add to this over several years, 4.1 billion dollars (3.9 billion €) stretched in relief for borrowers in the United States. In this comparison, with the U.S. Department of justice, the Institute reached an agreement after months of negotiations.
The outgoing US administration of Barack Obama had pressed the pace in the negotiations with the banks, because in January, Donald Trump takes over the presidency. Only a few hours after the agreement with Deutsche Bank, the Swiss rival Credit Suisse announced a year due to dubious mortgage deals, which is 5.3 billion dollars (5.1 billion €) punishment and compensation a piece of the lower than in the case of the frankfurters. In contrast, the US government and the British Bank Barclays in a similar case before the court.
For a part of the sum had not the Deutsche Bank of money – but enough. The penalty payment will burden the result in the fourth quarter, with about 1.17 billion US Dollar (€1.12 billion) before taxes, it said. This is financially cope with a still-to-be: The Frankfurt earned in the first nine months, before taxes of € 1.6 billion.
“Whether the facilities for consumers to have a financial impact, the final terms of the settlement,” said Deutsche Bank. Currently being expected to produce no significant influence on the outcome of the 2016 financial year. In the previous year, the Bank had suffered a record loss of € 6.8 billion because of legal disputes and the ongoing transformation of the group.
The investors in accordance with the comparison easier: the papers of The Deutsche Bank climbed in the Morning to 3 per cent in the meantime, the highest level since March.
Originally, had threatened a fine of 14 billion dollars (13.4 billion€). In mid-September, the US Department of justice had added this requirement, the investors, the Deutsche Bank, in the highest alarm level. The exchange rate collapsed, and there was even speculation about state aid. The group had last placed € 5.9 billion for legal risks.
market letter author Hans Bernecker looks with the comparison for the “cow from the ice”. Daniel Saurenz of Feingold Research the result holds for well-manageable, and because the payments to US consumers spread over several years.
the dispute went to the settlement of civil law claims in connection with the issuance of mortgage-backed securities between 2005 and 2007. The Dax group was accused of such shops to the collapse of the US housing market in 2008.
would have been The original claim, the maximum penalty for a foreign money, the house, the authorities in the United States had ever imposed. But in other cases it was so that the U.S. Department of justice, was initially entered with higher totals in the decisive Phase of the settlement negotiations. The US investment Bank Goldman Sachs was paid in April a little more than $ 5 billion (€4.8 billion).
For the Deutsche Bank are the uncertainties about the cost of the many legal disputes, one of the biggest stress factors. She threw back the group on his rehabilitation course. In recent years, penalties have cost more than €12 billion.
The new Chairman of the Board John Cryan, had granted to the legal processes for the highest priority, and promised the most important legal cases yet to settle in this year. Open to a possible penalty for alleged sanctions violations and money is now mainly yet wash at shops in Russia. dpa
a civil fine of 3.1 billion dollars as a fine in a civil dispute due. That the sum is so high, is not in the US legal system is unusual. The civil fine is intended to be for the companies to manageable, but it really hurt. The aim is also to other companies to deter.
Credit relief 4.1 billion dollars are thought of as relief for U.S. consumers who are overwhelmed with their credit rates. The interest rate of your mortgage can be lowered or the duration changed. Other banks also have this requirement. dpa
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