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Deutsche Bank’s Jain Promises Full Libor Clarification, DPA Says

Aug. 28 (Bloomberg) -- Deutsche Bank AG Co-Chief Executive Officer Anshu Jain promised a full clarification of the Libor case, saying his bank is making a huge effort to investigate past procedures, DPA reported, citing comments by Jain at an event in Berlin.

Jain reiterated that the lender is co-operating closely with the relevant authorities and that the bank takes the issue very seriously, DPA said. Jain referred to comments from supervisory board head Paul Achleitner that no past and current member of the board participated in the scandal, DPA said.

The Deutsche Bank executive also said that countries hit by the sovereign debt crisis need more time and should get a chance and said nothing is “free”, DPA reported.

Jain added that he believes the euro will survive, according to the news agency. While the economies of Spain and Italy are generally on a sound footing, Jain said, the probability of Italy defaulting increased 40 percent to 50 percent over the last 12 months, DPA reported.

To contact the reporter on this story: Annette Weisbach in Frankfurt at aweisbach1@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net

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