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Deutsche Bank fined 8.66 million euros by German regulator over Euribor

Christian Fernsby |
Deutsche Bank AG has been fined 8.66 million euros ($9.8 million) in relation to euro interbank offered rate, or Euribor, Germany's financial regulator Bafin said.

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The German lender "at times did not have in place effective preventive systems, controls and policies" to meet European benchmarks regulation as a contributor to the calculation of Euribor, Bafin said in a statement. Regulation is in place to prevent manipulation, Bafin said.

The objective of the Benchmarks Regulation is to ensure valid benchmarks and prevent manipulation. It requires contributors to have in place effective systems and controls. Contributors are natural or legal persons who contribute data for determining benchmarks. In the European Union, the Euro Interbank Offered Rate (EURIBOR) is used as benchmark, for example.

Breaches of the Benchmarks Regulation can be punished by imposition of a fine of up to ten percent of the total turnover.

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