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
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