+------------------------------------------------------------------------------+
Bafin Slams Deutsche Bank for Monte Paschi Accounting, Welt Says 2014-01-07 14:03:14.515 GMT
By Nicholas Comfort Jan. 7 (Bloomberg) -- Deutsche Bank incorrectly accounted for derivative transaction with Monte dei Paschi, Welt reports, citing letter regulator sent to bank in November. * Bafin official Frauke Menke writes in letter that Deutsche Bank providing false information to Bafin and other authorities is unacceptable, German newspaper reports * Errors made due to inefficient communication between departments at co. and were later corrected, Welt says * Inadequate investigation of matter gives impression Deutsche Bank doesn’t take its announced cultural change seriously, Welt cites Menke as saying * Sven Gebauer, spokesman for Bafin, declined to comment on details of Welt report * Regina Schueller, a spokeswoman for Deutsche Bank, also declined comment on the report. “We cooperate with regulatory authorities and, together with them, seek to investigate questions thoroughly and promptly,” she says in e-mailed response to Bloomberg questions * NOTE Dec. 20: Deutsche Bank forfeits EU221m to end a derivative contract with Monte dei Paschi * NOTE Aug. 9: German regulators said to review how banks made loans that didn’t appear on their balance sheets, obscuring the risk
For Related News and Information: First Word scrolling panel: FIRST<GO> First Word newswire: NH BFW<GO>
To contact the reporter on this story: Nicholas Comfort in Frankfurt at +49-69-92041-213 or ncomfort1@bloomberg.net
To contact the editor responsible for this story: Frank Connelly at +33-1-5365-5063 or fconnelly@bloomberg.net