Media Release June 29, 2021

James von Moltke appointed as Chair of ESMA’s Euro Risk-Free Rates Working Group

Deutsche Bank (XETRA: DBKGn.DB / NYSE: DB) The European Securities and Markets Authority (ESMA) today announced the appointment of James von Moltke as Chair of the Working Group on Euro-Risk Free Reference Rates (EUR RFR WG).

The Working Group is responsible for advancing the adoption of Risk Free Reference Rates in the euro area. This follows the Financial Stability Board’s assessment that financial markets’ reliance on LIBOR poses clear risks to global financial stability. The Working Group’s responsibilities include promoting the widespread transition from the LIBORs across a range of financial products and identifying potential impediments to the widespread adoption of the euro short-term rate  (€STR).

Moltke’s first meeting as Chair of the Working Group will be on 1st July 2021. He takes over from ING’s Tanate Phutrakul following the conclusion of the EUR RFR WG’s initial mandate, which culminated in a number of recommendations on euro area benchmark transition and reform.

James von Moltke said: “A smooth transition from IBOR to risk-free rates is vital for the financial services sector, for the clients we serve, and for investors around the world. I am honoured to take on this role. I look forward to building on the progress made under Tanate’s leadership, and working with our partners across Europe’s financial and regulatory landscape to help the industry move efficiently to alternative risk free rates.” 

Deutsche Bank has been actively engaged in IBOR transition for a number of years. In 2017, it set up a dedicated IBOR Transition Programme to develop and execute its plan to transition to alternative risk free reference rates and coordinate engagement with clients.

About Deutsche Bank

Deutsche Bank provides retail and private banking, corporate and transaction banking, lending, asset and wealth management products and services as well as focused investment banking to private individuals, small and medium-sized companies, corporations, governments and institutional investors. Deutsche Bank is the leading bank in Germany with strong European roots and a global network.

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 12 March 2021 under the heading “Risk Factors”. Copies of this document are readily available upon request or can be downloaded from

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