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UPDATE 1-Bafin clears Deutsche Bank's Jain in Libor probe -source
December 8, 2014 / 3:12 PM / 3 years ago

UPDATE 1-Bafin clears Deutsche Bank's Jain in Libor probe -source

* Bafin finds no evidence of organised misconduct -source

* Final report from Bafin due early 2015 -source (Adds source comment, detail)

By Kathrin Jones

FRANKFURT, Dec 8 (Reuters) - German financial watchdog Bafin has found no indication that Deutsche Bank co-Chief Executive Anshu Jain was aware or part of possible attempts at the German lender to manipulate interest rates, a source familiar with Bafin’s probe said.

After a two-year investigation, Bafin has no information that the bank’s board members participated in or knew about any possible interest rate manipulation efforts.

“There is no evidence of organised misconduct,” the source told Reuters, adding that Bafin’s report was expected to be finished in early 2015.

German business daily Handelsblatt reported late on Sunday that Jain had been cleared, citing unnamed financial sources.

Deutsche Bank and Bafin declined to comment.

Investigations into the possible abuse of reference rates such as the London interbank offered rate (Libor) or foreign exchange fixings have dogged banks since a post-financial crisis regulatory backlash against the sector.

Deutsche Bank said it was cooperating with regulators and conducting its own probe into the possible manipulation of Libor, a benchmark against which some $450 trillion of financial products from derivatives to home loans are priced worldwide.

The lender has paid at least 5.6 billion euros ($6.9 billion) in the past two years in fines and settlements and expects to pay around 3 billion euros more this year.

$1 = 0.8145 euro Additional reporting by Christoph Steitz, writing by Jonathan Gould, editing by; Alexander Ratz and David Evans

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