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Deutsche Bank official to face German parliament on rate-rigging
November 21, 2012 / 7:08 PM / 5 years ago

Deutsche Bank official to face German parliament on rate-rigging

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

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