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Commerzbank fined £595,000 in Britain

AFP · 27 Apr 2010, 16:54

Published: 27 Apr 2010 16:54 GMT+02:00

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"For two years Commerzbank either failed to report or reported inaccurately almost all of its reportable transactions," the Financial Services Authority said in a statement.

These breaches took place despite "repeated reminders" to firms of their reporting obligations to the FSA and "specific requests to Commerzbank for the firm to check its data," it said.

The fine, worth €686,000 or $912,000, was reduced by 30 percent because Commerzbank cooperated fully with the investigation, the FSA said, adding that the penalty would otherwise have been £850,000.

The German bank said in a brief statement: "Commerzbank has fully cooperated with the FSA and is deeply committed to meeting its regulatory obligations."

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The FSA noted that it was the fifth time since August 2009 that it imposed a fine against a company for failing to provide accurate transaction reports. The agency uses the data to detect and investigate suspected market abuse such as insider trading and market manipulation.

The Labour government created the FSA in 1997 and wants to increase its powers. The Conservative opposition has vowed to eliminate the agency and hand its powers to the Bank of England if they win May 6 general elections.

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Your comments about this article

22:56 April 27, 2010 by wmm208
Hiding Eurohypo losses. tsk, tsk, tsk....
02:22 May 1, 2010 by wmm208
German banks are sooo screwed...

Philip Stephens pulls no punches in his latest FT column. He says the EU¦#39;s pitiful handling of the crisis suugests that the future of the European Union can no longer be easily ascertained.

¦quot;Europe no longer carries the stamp of inevitability. Quite suddenly, it has become almost as easy to foresee a future in which the Union fractures. The risk is not so much of a great rupture ­ though if Greece defaults the immediate shocks will be profound ­ but of the atrophy that flows from the absence of political leadership.¦quot;

Is a European banking crisis next?

This has the potential of developing into the next crisis: A report by FT states that ¦quot;many European banks have become shut out of the international lending markets because of continuing concerns over Greece, sparking fears that some could collapse as they run out of cash. Greek and Portuguese banks cannot borrow in the international money markets, while weaker European banks are also struggling to raise money as fears of counterparty risk have grown sharply.¦quot; Even French and German banks have difficulties because of their exposure to Greek debt. German, French and Spanish banks have had to pay higher premiums for short-term debt.
11:55 May 2, 2010 by Kennneth Ingle
Since buying some investment papers which later turned out to be worthless, I am not surprised at anything this bank does. Nevertheless, their personal accounts are free, no high charges as are to be paid ( for example by Lloyds),in Britain.
07:51 May 4, 2010 by wmm208
Why Socialism Must Always Fail

"Without calculation, economic activity is impossible. Since under Socialism economic calculation is impossible, under Socialism there can be no economic activity in our sense of the word ... All economic change, therefore, would involve operations the value of which could neither be predicted beforehand nor ascertained after they had taken place. Everything would be a leap in the dark. Socialism is the renunciation of rational economy." -- Ludwig von Mises, Socialism
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