In a Final Notice issued on 23 April 2015, Deutsche Bank was fined £226.8 million (Stage 1: 30% discount: breaches of principles 3, 5 and 11). Between January 2005 and December 2010, the FCA found that Deutsche Bank attempted to manipulate and improperly influence LIBOR and EURIBOR submissions across major currencies. It concluded that the culture of misconduct was not confined to a finite group of individuals, but extended to various desks within Deutsche Bank’s Global Finance and FX Forwards Department in London, Frankfurt, Tokyo and New York and felt that the misconduct had not been identified due to failings in Deutsche Bank’s systems and controls.
The FCA added on a Principle 11 charge reflecting what it viewed as a failure by Deutsche Bank to provide the level of cooperation required of a regulated entity, examples including: providing inaccurate information about its ability to disclose to the FCA a report commissioned by the German regulator; providing the FCA with an incorrect attestation asserting that its systems and controls in relation to LIBOR submissions were adequate; and failing to provide timely, accurate and complete information the impact of which prolonged the FCA’s investigation.
On 23 April 2015, Deutsche Bank received further financial penalties regarding its conduct with LIBOR and/or EURIBOR and/or TIBOR from the Commodities Futures Trading Commission (US $800 million), the US Department of Justice (US $775 million), and the New York Department of Financial Services (US $600 million). Taking into account the FCA fine, Deutsche Bank received a global fine of US $2.5 billion on the same date.