Deutsche hit with £1.7bn LIBOR fine after 'repeatedly misleading' regulators

The Financial Conduct Authority (FCA) has handed Deutsche Bank a £227m fine, its largest ever for LIBOR and EURIBOR-related misconduct, because the bank tried to hamper investigations by misleading the regulator.

In a cross-border operation, Deutsche Bank has also been hit with an $800m fine by the US Commodities Futures Trading Commission, the US Department of Justice has imposed a financial penalty of $775m and the New York Department of Financial Services has imposed a fine of $600m. They bring the total fine levied to some £1.67bn. Between January 2005 and December 2010, trading desks at Deutsche Bank manipulated its LIBOR and EURIBOR - collectively known as inter-bank offered rates (IBOR) - submissions across all major currencies. LIBOR and EURIBOR are based on daily estimates of the r...