Deutsche Bank official to face German parliament on rate-rigging

FRANKFURT Thu Nov 22, 2012 12:33am IST



FRANKFURT (Reuters) - Deutsche Bank (DBKGn.DE) Co-Chief Executive Anshu Jain is sending his chief compliance officer in his place to appear before a German parliamentary committee investigating alleged interest rate rigging among banks.

Management board member Stephan Leithner will face the committee on financial affairs on November 28 in Berlin, a spokesman for the bank said on Wednesday, confirming reports in Sueddeutsche Zeitung and Financial Times Deutschland newspapers.

The committee had originally invited Jain.

The European Commission and other international regulators are investigating more than a dozen banks for alleged manipulation of the London interbank offered rate (LIBOR), which is used to set the price of trillions worth of financial products worldwide.

Any banks found guilty of breaching EU antitrust rules could face fines of up to 10 percent of their global revenues. Sources have told Reuters that several lenders are providing information to the EU in the hope of securing lower penalties.

The Commission has not identified the banks, but sources familiar with the matter have said Deutsche Bank is cooperating with the EU regulator.

Deutsche Bank said in July initial findings from an internal probe into alleged rigging of global interest rates found that no members of the management board behaved inappropriately.

BaFin, Germany's financial watchdog, is conducting a special investigation into Deutsche Bank to determine if the bank's internal mechanism was sufficient to prevent manipulation.

Deutsche Bank has viewed any manipulation to be the work of individuals who in the meantime have already been suspended by the bank, bank sources told Reuters.

(Reporting By Kathrin Jones and Joern Poltz; Writing by Marilyn Gerlach; Editing by Mike Nesbit)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Market Eye


Bullish on Equities

Bullish on Equities

Bullish on Indian equities, but gains seen 'less sharp'- Goldman Sachs  Full Article 

Streamlining Operations

Jet Streamlines

Jet Airways chairman says looking to restructure debts, talking to bankers  Full Article 

Political Economy

Political Economy

Analysis - Watch what markets don't do as world politics turns nasty   Full Article 


Honda's India Thrust

Honda's India unit to account for 25 pct of Asia Pacific sales by March 2017 - exec   Full Article 

Short of Expectations

Short of Expectations

Apple revenue lags Street's view despite strong China growth  Full Article 

Mircosoft Results

Microsoft Results

Microsoft revenue rises, profit falls as Nokia absorbed  Full Article 

Relief For Sahara

Relief For Sahara

Supreme Court could allow Sahara boss to conduct asset sale talks, company says.  Full Article 


Food Scandal

Five held in China food scandal probe, including head of Shanghai Husi Food   Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage