Deutsche Bank and Germany’s finance regulator are under pressure to publish findings of a probe into whether the lender rigged interest rates, with lawmakers saying a rule meant to protect banks is crippling efforts to explore what’s wrong with financial markets.
'German secrecy rules for banking supervisors are way too broad, barring us from understanding what contributed to the financial crisis', Gerhard Schick, a member of the Bundestag finance committee, said in an interview.
Bloomberg reports that unless a bank allows publication, German law bans the regulator, known as Bafin, from disclosing facts from reviews if it would be contrary to the lender’s interest. Lawmakers claim the practice, aimed at protecting business secrets, hinders effective controls.
'Deutsche Bank should allow Bafin to publish the report in any case', said Schick, an opposition Green Party politician on the committee, which previously requested Anshu Jain, the bank’s co-chief executive officer, testify about Libor. 'The public has a right to know what was going on'.
Hit the link below to access the complete Bloomberg article: