German Regulator to Publish Deutsche Bank Libor Report in January ‘At the Earliest’ 

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Germany’s financial markets regulator, BaFin, is likely to publish its final report about its findings over the key reference rate Libor manipulation scandal at the beginning of January at the earliest, according to two people with knowledge of the matter.

Accusations against former executives of Deutsche Bank remain but the report hasn’t yet been completed, said one of the people.

BaFin has accused Deutsche Bank’s six former executives of not preventing alleged market manipulations for years, according to a letter seen and published by The Wall Street Journal in July. According to the accusations, the former executives were criticized for negligent oversight and selective or inaccurate disclosures to regulators that were investigating manipulation of the London interbank offered rate, or Libor, and other market benchmarks.

The financial markets supervisor has never accused the former executives of personal involvement in the manipulations. BaFin inspector Raimund Röseler said in an interviewwith The Wall Street Journal in April 2013 that “We haven’t found any evidence of systematic crime involving management board members,” and he has reiterated this on various occasions since.

Deutsche Bank paid a penalty of $2.5 billion in April to settle U.S. and British allegations and wrapping up Libor-manipulation investigations against the bank. Some of the former executives no long work at Deutsche Bank.

Separately, German magazine Der Spiegel reported on Friday that BaFin had “clearly significantly softened” its investigations report. The magazine referred to a draft of the final report that BaFin will present to Deutsche Bank. The publication said the names of the managers won’t be in the document. Deutsche Bank declined to comment.

Source: WSJ – German Regulator to Publish Deutsche Bank Libor Report in January ‘At the Earliest’

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