Deutsche Bank to cooperate with Libor probe

Deutsche Bank wants to cooperate with European investigators probing the manipulation of interbank interest rates to limit damage to its reputation and bottom line, a newspaper said Sunday.

Germany's biggest bank has asked the European Commission and Swiss authorities to give it the status of cooperating witness in their investigation of the rigging of the Libor interbank rate, now at the centre of a global financial scandal, Der Spiegel reported.

"Anxiety currently reigns within Deutsche Bank," a source close to the bank told the German weekly.

Deutsche Bank is one of some 20 banks accused of manipulating the key lending rate by lying in their input for the Libor, which underpins rates on a wide range of lending from mortgages to credit cards.

British bank Barclays has already been fined £290 million (360 million euros, $450 million) as part of a probe into the scandal by British and US authorities.

The European Commission has already granted Barclays and Swiss bank UBS the status of cooperating witnesses, Der Spiegel reported, saying the Commission had decided to grant total immunity to the first bank to cooperate and lighter penalties for two other banks if they assisted in the probe.

Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

  • Fight vs online libel goes to the UNHCR Ederic Eder, Yahoo! Southeast Asia - The Inbox
    Fight vs online libel goes to the UNHCR

    Commentary By Ellen T. Tordesillas Last Tuesday, while in Baguio City for their summer session, the Supreme Court denied all the Motions for Reconsideration on Online Libel which it upheld in its Feb. 18, 2014 decision. It will be recalled … Continue reading → …

  • Book chronicles efforts for PWD-friendly polls VERA Files - The Inbox
    Book chronicles efforts for PWD-friendly polls

    By Melissa Luz Lopez, VERA Files A lot have been done but much still need to be done for a hassle-free  participation of  Persons with Disabilities in elections,according to a book published by The Asia Foundation (TAF) and supported by … Continue reading → …

  • The other side of Palawan Ellen Tordesillas, Contributor - The Inbox
    The other side of Palawan

    By Ellen T. Tordesillas Mention Palawan and what comes to mind are Underground River and El Nido in the northern side of this richly-blessed province from its capital, Puerto Princesa. Three weeks ago, we went to the southern side- in … Continue reading → …

POLL
Loading...
Poll Choice Options