{"id":31715,"date":"2013-12-05T01:19:28","date_gmt":"2013-12-05T00:19:28","guid":{"rendered":"http:\/\/beta.next-finance.net\/news\/deutsche-bank-reaches-agreement-with-european-commission-as-part-of-a-collective-settlement-on-interbank-offered-rates\/"},"modified":"2013-12-05T01:19:28","modified_gmt":"2013-12-05T00:19:28","slug":"deutsche-bank-reaches-agreement-with-european-commission-as-part-of-a-collective-settlement-on-interbank-offered-rates","status":"publish","type":"post","link":"http:\/\/beta.next-finance.net\/en\/news\/deutsche-bank-reaches-agreement-with-european-commission-as-part-of-a-collective-settlement-on-interbank-offered-rates\/","title":{"rendered":"Deutsche Bank reaches agreement with European Commission as part of a collective settlement on interbank offered rates"},"content":{"rendered":"<p> The settlement covers investigations into the trading<br \/>\nof Euro interest rate derivatives (EIRD) and Yen interest<br \/>\nrate derivatives (YIRD).  As part of the settlement,<br \/>\nDeutsche Bank has agreed to pay EUR 466 million for EIRD and<br \/>\nEUR 259 million for YIRD, or EUR 725 million in total.<\/p>\n<p>The settlement amount reflects, in particular, the high<br \/>\nmarket share held by Deutsche Bank in the markets<br \/>\ninvestigated.<\/p>\n<p>J\u00fcrgen Fitschen and Anshu Jain, Co-Chief Executive Officers<br \/>\nof Deutsche Bank, said: <em>&#8220;Today&#8217;s settlement marks one<br \/>\nimportant step in our efforts to resolve the Bank&#8217;s legacy<br \/>\nissues. The settlement relates to past practices of<br \/>\nindividuals which were in gross violation of Deutsche<br \/>\nBank&#8217;s values and beliefs. Acting with integrity is a core<br \/>\nvalue at Deutsche Bank, and we expect every employee to<br \/>\nadhere to it. We are attaching the highest institutional<br \/>\nimportance to ensuring that this type of misconduct does not<br \/>\nhappen again.&#8221;<\/em><\/p>\n<p>In response to matters that came to light during its<br \/>\ninternal investigations, the Bank has undertaken significant<br \/>\nmeasures to enhance its systems and controls in the relevant<br \/>\nbusiness and infrastructure functions, including the<br \/>\ncreation of an independent Benchmark Submission Oversight<br \/>\nfunction which now oversees the Bank&#8217;s interbank offered<br \/>\nrates submissions and reports to Risk Management. As part of<br \/>\nStrategy 2015+ the Bank is investing EUR 1 billion to<br \/>\nelevate its systems and controls to best in class, including<br \/>\nby increasing the headcount in its control functions.<\/p>\n<p>The settlement amount is already substantially reflected in<br \/>\nthe Bank&#8217;s existing litigation reserves and no material<br \/>\nadditional reserves will be taken for this settlement<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Deutsche Bank announced today that, as part of a collective settlement, it has reached agreement with the European Commission on a resolution of<br \/>\nits investigations into the submission of interbank offered<br \/>\nrates.<\/p>\n","protected":false},"author":20,"featured_media":31713,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1470],"tags":[1854,1671,1841,1651,1437,2103],"_links":{"self":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts\/31715"}],"collection":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/users\/20"}],"replies":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/comments?post=31715"}],"version-history":[{"count":0,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts\/31715\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/media\/31713"}],"wp:attachment":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/media?parent=31715"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/categories?post=31715"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/tags?post=31715"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}