(Bloomberg) -- A German watchdog has identified a deficiency in a financial report filed by Deutsche Bank AG several years ago, according to a release.
The lender failed to explain in its 2019 financial statements why it posted years of losses in its US business and why it thought the unit would be profitable in the future, the regulator known as BaFin said in a statement on Tuesday.
The disclosures would have been necessary because Deutsche Bank reported €2.08 billion ($2.3 billion) in deferred tax assets for its US operations that year, an accounting move that requires the company using it to provide additional information as justification, BaFin said.
“There is no suggestion on BaFin’s part that there is any inaccuracy in Deutsche Bank’s 2019 accounts, and no restatement or other action is required,” a Deutsche Bank spokesman said by email. “It is Deutsche Bank’s view today, as at the time of publication, that its 2019 financial statements and other disclosures comply fully with IFRS requirements.“
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