Deutsche Bank criticised for Libor response

Deutsche Bank - External

German banking watchdog BaFin criticised Deutsche Bank's management for the way it responded to a probe into manipulation of the Libor benchmark interest rate, according to German magazine Der Spiegel.

Reuters reports that BaFin and other regulators are investigating more than a dozen banks and brokerages over allegations they manipulated benchmark interest rates such as Libor and Euribor, which are used to benchmark trillions of dollars of financial products from derivatives to mortgages and credit card loans.

BaFin launched a probe last year on which it is working with the Bundesbank and accountant Ernst & Young, delving into suspected misconduct by individual traders and their counterparts at other banks.

'The Ernst & Young report shows that insufficient efforts were made to investigate and clear up events in the bank,' weekly Der Spiegel on Sunday quoted a BaFin report as saying. That BaFin report summarised preliminary findings that the regulator submitted to Deutsche Bank in August.

To access the complete Reuters article hit the link below:

Watchdog slams Deutsche Bank for Libor probe response - report 

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