A former Deutsche Bank trader charged with conspiracy to defraud as part of an investigation into the manipulation of the Euro Interbank Offered Rate (Euribor) was granted bail today, on the condition that he remains resident at a fixed location within the UK.
Andreas Hauschild, a German national, appeared before Judge Michael Gledhill at Southwark Crown Court, following charges levelled by the Serious Fraud Office (SFO) on Saturday.
He was granted bail, with a trial date set for 24 June next year.
As conditions for his bail, Hauschild must give up all forms of ID, including his passport, and not seek to acquire fresh documentation. He will have to sleep and eat each night at a location approved by the SFO, wear an electronic tag and report to a local police station between 4pm and 6pm each day.
In addition, Hauschild will have to pay £700,000 to the court as a form of deposit, which will be refunded if he attends trial.
Hauschild was one of 11 individuals charged in 2015 with manipulating the interest rate benchmark used between Europe from 2005–2009, but avoided a British trial after a German court rejected a request for his extradition based on the age of the allegations. He was arrested in Italy in August, and was extradited to the UK earlier this month.
The former trader, who left Deutsche Bank in 2006 to become Commerzbank’s head of risk and liquidity management for assets, would have been safe from arrest had he remained in Germany.
The SFO has been pursuing allegations of rigging related to Euribor and its London equivalent, Libor, for six years.