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Deutsche Bank (XETRA: DBKGn.DE / NYSE: DB) announced today that, as part of a collective settlement, it has reached agreement with the European Commission on a resolution of its investigations into the submission of interbank offered rates. The settlement covers investigations into the trading of Euro interest rate derivatives (EIRD) and Yen interest rate derivatives (YIRD). As part of the settlement, Deutsche Bank has agreed to pay EUR 466 million for EIRD and EUR 259 million for YIRD, or EUR 725 million in total.
The settlement amount reflects, in particular, the high market share held by Deutsche Bank in the markets investigated.
Jürgen Fitschen and Anshu Jain, Co-Chief Executive Officers of Deutsche Bank, said: “Today’s settlement marks one important step in our efforts to resolve the Bank’s legacy issues. The settlement relates to past practices of individuals which were in gross violation of Deutsche Bank’s values and beliefs. Acting with integrity is a core value at Deutsche Bank, and we expect every employee to adhere to it. We are attaching the highest institutional importance to ensuring that this type of misconduct does not happen again.”
In response to matters that came to light during its internal investigations, the Bank has undertaken significant measures to enhance its systems and controls in the relevant business and infrastructure functions, including the creation of an independent Benchmark Submission Oversight function which now oversees the Bank’s interbank offered rates submissions and reports to Risk Management. As part of Strategy 2015+ the Bank is investing EUR 1 billion to elevate its systems and controls to best in class, including by increasing the headcount in its control functions.
The settlement amount is already substantially reflected in the Bank's existing litigation reserves and no material additional reserves will be taken for this settlement.
This release contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations and the assumptions underlying them. These statements are based on plans, estimates and projections as they are currently available to the management of Deutsche Bank. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.
By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors include the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which we derive a substantial portion of our revenues and in which we hold a substantial portion of our assets, the development of asset prices and market volatility, potential defaults of borrowers or trading counterparties, the implementation of our strategic initiatives, the reliability of our risk management policies, procedures and methods, and other risks referenced in our filings with the U.S. Securities and Exchange Commission. Such factors are described in detail in our SEC Form 20-F of 15 April 2013 under the heading “Risk Factors”. Copies of this document are readily available upon request or can be downloaded from www.deutsche-bank.com/ir.