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BANK

New Swedish bank crisis law in two years

Sweden's Minister for Financial Market Mats Odell said on Tuesday that new rules to clarify how and when the Swedish government can take control of a domestic bank in financial trouble should come into effect in 2010.

Published: 30 September 2008 17:54 CEST
New Swedish bank crisis law in two years

Prime Minister Fredrik Reinfeldt earlier in the day told reporters he saw no need to speed up the proposal in the light of the current market turmoil.

The proposed legislation was likely to be put forward within a month, Mats Odell told reporters.

Sweden’s central bank governor, Stefan Ingves, has highlighted the need for a stronger regulatory framework in Sweden to manage a crisis in its financial system.

The law has been under discussion for several years.

The proposal has its roots in the Swedish banking crisis of the early 1990s when current Riksbank head Stefan Ingves was forced to negotiate bailouts in the absence of any formal legal framework.

At the time a decision was taken that a set of rules should be developed and a committee on banking law put forward a proposal to the former Social Democratic-controlled government in 2000.

AFX/The Local

BANK

Deutsche Bank to pay $130m to settle US bribery probes

Deutsche Bank will pay $130 million to settle a foreign bribery probe and fraud charges in precious metals trading, US officials announced on Friday.

Published: 9 January 2021 15:08 CET
Deutsche Bank to pay $130m to settle US bribery probes
A woman walks past the offices of Deutsche Bank in London. Photo: Tolga Akmen / AFP
The bribery case relates to illegal payments and to false reporting of those sums on the bank's books and records between 2009 and 2016, the Department of Justice said in a press release.
   
The bank “knowingly and wilfully” kept false records after employees conspired with a Saudi consultant to facilitate bribe payments of over $1 million to a decision maker, the DOJ said.
   
In another case, the bank paid more than $3 million “without invoices” to an Abu Dhabi consultant “who lacked qualifications… other than his family relationship with the client decision maker,” the DOJ said.
   
In addition to criminal fines and payments of ill-gotten gains, Deutsche Bank agreed to cooperate with government investigators under a three-year deferred prosecution agreement.
 
   
In the commodities fraud case, Deutsche Bank metals traders in New York, Singapore and London between 2008 and 2013 placed fake trade orders to profit by deceiving other market participants, the DOJ said.
   
The agreement took into account Deutsche Bank's cooperation with the probes, DOJ said.
   
“Deutsche Bank engaged in a criminal scheme to conceal payments to so-called consultants worldwide who served as conduits for bribes to foreign officials and others so that they could unfairly obtain and retain lucrative business projects,” said Acting US Attorney Seth D. DuCharme of the Eastern District of New York.
   
“This office will continue to hold responsible financial institutions that operate in the United States and engage in practices to facilitate criminal activity in order to increase their bottom line.”
   
“We take responsibility for these past actions, which took place between 2008 and 2017,” said Deutsche Bank spokesperson Dan Hunter, adding that the company has taken “significant remedial actions” including hiring staff and upgrading technology to address the shortcomings.
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