Regulator finds flaws in how Deutsche Bank oversaw Libor - paper

FRANKFURT, March 21 Thu Mar 21, 2013 3:47am EDT

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FRANKFURT, March 21 (Reuters) - German markets regulator Bafin has identified "organisational flaws" at Deutsche Bank before the watchdog reports on its investigation of the manipulation of global interest rates, newspaper Handelsblatt said without citing sources.

Deutsche Bank and Bafin were not immediately available for comment.

The German daily added that Co-Chief Executives Anshu Jain and Juergen Fitschen are not personally implicated or held to be at fault by the regulator.

Reuters reported in February that Deutsche Bank's top leaders are unlikely to be sacked as a result of the investigations into the bank over the manipulation of Libor interbank rates, citing three people with knowledge of the matter.

Bafin said that its preliminary findings would be passed on to Berlin by the end of March.

In February Bafin said that a key question was whether banks reacted quickly enough once the Libor problems became known, and whether they reached the right conclusions.

Euribor and its larger counterpart Libor are Europe's key gauges of how much banks pay to borrow from their peers and are used to set the prices of a wide range of financial products from mortgages to complex derivatives.

Thomson Reuters, parent company of Reuters, has been calculating and distributing Libor rates for Libor's sponsor, the British Bankers' Association, since 2005.

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