This website collects cookies to deliver better user experience. Cookie Policy
Accept
Sign In
The Wall Street Publication
  • Home
  • Trending
  • U.S
  • World
  • Politics
  • Business
    • Business
    • Economy
    • Real Estate
    • Markets
    • Personal Finance
  • Tech
  • Lifestyle
    • Lifestyle
    • Style
    • Arts
  • Health
  • Sports
  • Entertainment
Reading: Deutsche Bank Fined for Weak Controls on Rate Data
Share
The Wall Street PublicationThe Wall Street Publication
Font ResizerAa
Search
  • Home
  • Trending
  • U.S
  • World
  • Politics
  • Business
    • Business
    • Economy
    • Real Estate
    • Markets
    • Personal Finance
  • Tech
  • Lifestyle
    • Lifestyle
    • Style
    • Arts
  • Health
  • Sports
  • Entertainment
Have an existing account? Sign In
Follow US
© 2024 The Wall Street Publication. All Rights Reserved.
The Wall Street Publication > Blog > Markets > Deutsche Bank Fined for Weak Controls on Rate Data
Markets

Deutsche Bank Fined for Weak Controls on Rate Data

Editorial Board Published December 29, 2021
Share
Deutsche Bank Fined for Weak Controls on Rate Data
SHARE

Deutsche Bank AG DB -0.87% was fined nearly $10 million by Germany’s financial regulator on Wednesday for not having strong enough controls around data submissions that help set a European interest-rate benchmark.

Deutsche Bank “at times did not have in place effective preventive systems, controls and policies to ensure the integrity and reliability of all contributions of input data to the administrator,” the regulator, BaFin, said. 

The weaknesses found by BaFin related to Euribor submissions in a 2019-2020 time period, according to a person familiar with the matter. 

Deutsche Bank said there is no indication it actually submitted any incorrect data, and that it is taking measures to improve the controls. The bank said it wouldn’t contest the fine, which was €8.66 million, equivalent to nearly $10 million.  

“It remains a top priority for us to identify and address potential weaknesses in our control processes,” a Deutsche Bank spokesman said. 

The penalty revives one of the darkest chapters for Germany’s biggest bank by assets. Last decade, Deutsche Bank paid around $3.5 billion to settle allegations by U.S., U.K. and European authorities that its traders for years manipulated Euribor and other global interest-rate benchmarks. It was the most heavily fined bank over the rate rigging, and has since sought to improve its culture and systems to prevent any repeats. 

The Wall Street Journal previously reported that a whistleblower who helped U.S. and U.K. regulators investigate rate manipulation at Deutsche Bank received nearly $200 million for assisting that probe. 

A series of Journal articles in 2008 raised questions about whether global banks were manipulating the interest-rate-setting process by lowballing a key interest rate to avoid looking desperate for cash amid the financial crisis.

Regulators investigated, and found traders at banks and brokers for years conspired to manipulate benchmark rates. The rates are set based on oral submissions by banks and not on actual transactions.

Like other banks, Deutsche Bank was accused of letting employees nudge rates up or down slightly to benefit their trading positions. The practice was harmful, authorities say, because the rate benchmarks are used to determine interest paid on everything from mortgages to corporate loans to complex financial derivatives.  The most widely used rate, Libor, is in the process of being replaced. 

Write to Margot Patrick at [email protected]

Copyright ©2021 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Appeared in the December 30, 2021, print edition as ‘Deutsche Bank Pays Fine for Lapses on Rate Data.’

TAGGED:MarketsPAIDWall Street Publication
Share This Article
Twitter Email Copy Link Print
Previous Article Covid-19, Inflation Make a Mess Out of Predictions Covid-19, Inflation Make a Mess Out of Predictions
Next Article Start the day with your eulogy for better focus, best-selling writer Don Miller suggests Start the day with your eulogy for better focus, best-selling writer Don Miller suggests

Editor's Pick

California dwelling of lacking child’s mother and father searched; father has served time for youngster cruelty

California dwelling of lacking child’s mother and father searched; father has served time for youngster cruelty

San Bernardino County sheriff’s investigators on Sunday, Aug. 17, searched the house of the mother and father of the infant…

By Editorial Board 9 Min Read
Farmer Needs a Spouse: John Sansone and Claire Dinette Break up!
Farmer Needs a Spouse: John Sansone and Claire Dinette Break up!

Studying Time: 2 minutes It's sadly over for one more actuality tv…

4 Min Read
Steak ‘n Shake slams Cracker Barrel CEO for eliminating ‘old-timer’ from emblem: ‘We take delight in our historical past’
Steak ‘n Shake slams Cracker Barrel CEO for eliminating ‘old-timer’ from emblem: ‘We take delight in our historical past’

FOX Enterprise’ Jeff Flock experiences on Cracker Barrel unveiling a brand new…

4 Min Read

Oponion

Museum to fix ‘ripples’ in Rembrandt’s ‘Night Watch’

Museum to fix ‘ripples’ in Rembrandt’s ‘Night Watch’

THE HAGUE, Netherlands (AP) – Rembrandt van Rijn’s iconic painting…

December 8, 2021

I Entered a Pun Competition. My Jokes Were Written by an AI Chatbot.

By Ben Eisen | Photographs and…

December 9, 2022

5 Finest Dove Physique Washes For Males: All concerning the Scent in 2025 | Fashion

We independently consider all advisable services…

August 20, 2025

Expensive Abby: I stored my niece’s secret, and now my sister is livid

DEAR ABBY: My sister, “Jenny,” and…

August 11, 2025

June Shannon is Glad Lauryn & Josh Are Divorcing: It Was Poisonous!

Studying Time: 3 minutes Mama June…

August 4, 2025

You Might Also Like

Trump’s 401(ok) enlargement fuels ethereum growth
Markets

Trump’s 401(ok) enlargement fuels ethereum growth

FOX Enterprise' Gerri Willis has the main points on the funding technique on 'Varney & Co.' Practically $4 billion of…

4 Min Read
Steak ‘n Shake slams Cracker Barrel CEO for eliminating ‘old-timer’ from emblem: ‘We take delight in our historical past’
Markets

Cracker Barrel inventory plunges amid model makeover backlash

FOX Enterprise’ Jeff Flock reviews on Cracker Barrel unveiling a brand new brand as a part of a broader model…

3 Min Read
Intel will get  billion from Softbank as White Home mulls stake
Markets

Intel will get $2 billion from Softbank as White Home mulls stake

Former Chrysler and Dwelling Depot CEO Bob Nardelli praises President Donald Trump’s daring financial play because the White Home eyes…

5 Min Read
Intel will get  billion from Softbank as White Home mulls stake
Markets

White Home mulls 10% stake in Intel after CEO assembly

Former Chrysler and Dwelling Depot CEO Bob Nardelli praises President Donald Trump’s daring financial play because the White Home eyes…

4 Min Read
The Wall Street Publication

About Us

The Wall Street Publication, a distinguished part of the Enspirers News Group, stands as a beacon of excellence in journalism. Committed to delivering unfiltered global news, we pride ourselves on our trusted coverage of Politics, Business, Technology, and more.

Company

  • About Us
  • Newsroom Policies & Standards
  • Diversity & Inclusion
  • Careers
  • Media & Community Relations
  • WP Creative Group
  • Accessibility Statement

Contact

  • Contact Us
  • Contact Customer Care
  • Advertise
  • Licensing & Syndication
  • Request a Correction
  • Contact the Newsroom
  • Send a News Tip
  • Report a Vulnerability

Term of Use

  • Digital Products Terms of Sale
  • Terms of Service
  • Privacy Policy
  • Cookie Settings
  • Submissions & Discussion Policy
  • RSS Terms of Service
  • Ad Choices

© 2024 The Wall Street Publication. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?