October 24, 2014 / 1:48 PM / in 3 years

Deutsche Bank braces for $1.3 billion in U.S., UK Libor fines: sources

A man walks past Deutsche Bank offices in London December 5, 2013. REUTERS/Luke MacGregor

FRANKFURT (Reuters) - Deutsche Bank (DBKGn.DE) is bracing to pay almost 1 billion euros ($1.3 billion) for Libor-related fines as it nears a deal with U.S. and UK authorities to settle allegations it attempted to manipulate the benchmark interest rate, two sources familiar with the matter said on Friday.

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.

“People are doing everything to get this issue off of the table by the end of the year,” said one of the sources, who declined to be named because he was not authorized to speak to the media.

Deutsche Bank declined to comment.

A spokesman for the United States Department of Justice declined to comment.

The bank has never publicly revealed how much it has put aside for specific legal risks like the Libor case.

Deutsche Bank already settled with European antitrust regulators over Libor and its euro equivalent Euribor last year, agreeing to pay 725 million euros.

(1 US dollar = 0.7888 euro)

Reporting by Kathrin Jones and Arno Schuetze, Editing by Thomas Atkins and Edward Taylor

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below