Germany’s finance watchdog fined Deutsche Bank 8.66 million euros ($9.8 million) over its handling of submissions for Euribor, a reference rate at the heart of a scandal that rocked the industry.
The lender temporarily didn’t have effective systems and controls for contributions to the benchmark, BaFin said in a statement. While BaFin said Deutsche Bank has a right to appeal, the company said it accepts the fine to create “legal certainty.”