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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 Wednesday.
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 Frankfurt-based bank
DB,
said it accepted the fine as the result of a settlement with Bafin, adding that while it had no evidence the issues raised led to erroneous data transmissions, it has already taken initial measures to improve internal controls in consultation with supervisory authorities.
“It remains a top priority for us to identify and remedy possible weaknesses in our control processes,” Deutsche Bank said.
Write to Ed Frankl at edward.frankl@dowjones.com
