Deutsche Bank litigation costs 1.4 b euros in first nine months
Tuesday, 28 October 2014 01:25
-
- {{hitsCtrl.values.hits}}
Reuters: Deutsche Bank incurred fines and litigation costs of 1.363 b euros ($ 1.73 b) from January to September 2014, data released by the ECB showed on Sunday.
Germany’s flagship lender had said on Friday said it expected to publish litigation costs of 894 million euros for the third quarter of 2014 alone, putting aside 470 million euros for the first six months.
Sources told Reuters last week that Deutsche was bracing to pay almost 1 billion euros for Libor-related fines as it nears a deal with US and UK authorities to settle allegations it attempted to manipulate the benchmark interest rate.
The bank has already paid 6.1 billion euros in the past two and a half years as it attempts to clear a backlog of litigation and investigations, of which the Libor settlement is considered to be the most important.
Separately, the ECB data showed that Deutsche Bank passed the comprehensive assessment with a core tier 1 equity ratio of 8.78% in the adverse stress test scenario.
Reuters had reported on Friday that Deutsche Bank was set to pass the stress test led by the European Central Bank by a wide margin with a core equity ratio of roughly 8.8% compared to a minimum requirement of 5.5%.
