Germany's largest commercial lender, Deutsche Bank, has confirmed that some of its employees were involved in the manipulation of inter-bank interest rates known as LIBOR.
The bank made the revelation in an internal document sent to staff on Tuesday.
The bank denied systemic wrongdoing. It stressed that its managers were not involved in any of the fraudulent activities.
LIBOR is an average of the interest rates charged between banks. It serves as a benchmark for a wide range of other rates. In June, British bank Barclays was ordered to pay more than 400 million dollars in fines for manipulating LIBOR.
The bank made the revelation in an internal document sent to staff on Tuesday.
The bank denied systemic wrongdoing. It stressed that its managers were not involved in any of the fraudulent activities.
LIBOR is an average of the interest rates charged between banks. It serves as a benchmark for a wide range of other rates. In June, British bank Barclays was ordered to pay more than 400 million dollars in fines for manipulating LIBOR.
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