Deutsche

BOOTING out bosses is something of a tradition at Deutsche Telekom.

Deutsche Bank's chief is to leave next year, ending his nine-year reign at the top of Germany's largest lender.

As a result, the judges added, the bank should have told the customer how much the deal was worth to Deutsche from day one.

Nasdaq and ICE may not have the buying power to make it a more attractive suitor than Deutsche Boerse.

A Deutsche Bank spokesman, Ted Meyer, said the bank was pleased to resolve the matter.

Regulators said Deutsche Bank's local securities unit would not be able to trade shares and derivatives on its own account from April.

Hartmut Mehdorn, Deutsche Bahn's chief executive, insisted in vain that the company's monitoring of staff was to fight corruption.

"Deutsche Bank does not approve of any adult entertainments and such expenditures will not be reimbursed, " the memo said.

While Khuzami has said he would recuse himself from matters involving Deutsche Bank, he's free to probe its competitors.

The defense might also claim that it was the ratings agencies, not Deutsche Bank, that were to blame.

Josef Ackermann, Deutsche Bank's chief executive, was more upbeat however in an interview over the weekend.

Not long after that, I was summoned to a meeting on an upper floor of the building with a senior manager at Deutsche Bank.

The German government, which retains a 32% stake in Deutsche Telekom, is not helping, at least not in public.

People close to the matter say Mr Dorman is negotiating an employment agreement with Deutsche Bank.

In Germany, politician and privacy advocate Malte Spitz sued his carrier, Deutsche Telekom, to get all the information it had on him.

Deutsche Boerse chairman Rolf Breuer said the next step would be a meeting of both partners, probably in September some time.

A Deutsche spokeswoman said: 'As the PSI report correctly states, there were divergent views within the bank about the U. S. housing market.

NO DOUBT about it, Deutsche Bank is at last in a league that befits Germany's biggest bank.

The court also held that there was a conflict of interest, since Deutsche was both advising the client and, in effect, betting against it.

Deutsche Bank was an aggressive dealer in CDOs in the period when the market was beginning to crack.

And yet he has faced criticism from analysts including Deutsche Bank's Michael Mayo, who said it wasn't clear what he did to earn his pay.

The company plans to raise about $500m in an offering managed by Deutsche Bank, among others, said two people close to the situation.

Nevertheless, Robert Clifford, an analyst at Deutsche Bank, said the indications were "pretty positive" .

The Deutsche Bank AG trader's early embrace and mastery of credit-default swaps helped catapult him to managing director at the age of 27.

Barclays, Deutsche Bank, HSBC and Royal Bank of Canada are among the names to have been bandied about as predators in recent weeks.

The pace could be very slow and very far away from normalisation, " said Seiji Adachi, senior economist at Deutsche Securities in Tokyo. "

Analysis by Deutsche Bank suggests that at least 23 gigawatts of new gas-fired capacity would need to be built by the same year.

NAPOLEON would have made a great railway boss, claimed Hartmut Mehdorn, the chief executive of Deutsche Bahn (DB), in a recent interview.

Railroad companies around the world, including Amtrak in the United States and Deutsche Bahn in Germany, are looking into the technology.

Research by Deutsche Bank in 2005 suggested that production costs of the Logan were less than half those of a standard European compact car.

It has surplus generating capacity and low prices that are unlikely to rise much in the next few years, notes Mark Lewis of Deutsche Bank.

Chinese equipment manufacturers will be among the nation's best performers over the next five years, according to Deutsche Bank.

Earlier this year Josef Ackermann, the head of Deutsche Bank, warned that unilateral pay limits would leave it unable to attract good staff.

That may explain why Deutsche Telekom is so keen to say auf Wiedersehen to its American wireless business.

Deutsche Welle that, whether it sounds more tragic, but the Russians do not guarantee its own security in the country regarding the trust.

However, Deutsche Bank said the euro looks capable of extending its gains to near $1. 50, or 30 percent above purchasing power parity (PPP).

A bank of its size could comfortably absorb such a hit. But Deutsche may face further headaches.

Barclays Capital and Deutsche Bank said on Friday the current levels might be a good buying opportunity.

Another economist, Pavan Sukhdev of Deutsche Bank, told the Diversitas meeting that he had put a price on some of those services.

Deutsche Bank will end up with a core capital ratio of about 8% after the share issue and its purchase of the rest of Postbank.

You may not establish a hyperlink to any page of the X-markets Website without the prior written consent of Deutsche Bank AG.

She said that Deutsche is focused on ensuring this process is put in place without disrupting the marketplace.

Economists agree that the euro is weaker against other major currencies than the German deutsche mark would be.

And yes too says Mayer at Deutsche Bank, who spent eight years in London watching the boom-bust come to grief.

A spokesman for deutsche b? Rse reels off the names of start-up trading platforms that have come and gone.

Deutsche and Rio declined to comment. CIC did not return phone calls seeking comment.

Mr Krause spoke as Deutsche Bank earnings outstripped expectations in a strong first quarter.

To set back Western consumers by the equivalent today, Deutsche Bank calculates, the price of oil would have to rise to $134 a barrel.

Deutsche shares rose almost 18 per cent in Frankfurt in spite of the bank's strong hint of a dividend cut this year.

He speculated that Deutsche Telekom might be broken up or taken over by a foreign buyer if his reforms failed.

A timely piece of research by Deutsche Bank boldly states that phasing out nuclear power plants "is not a viable policy option. "

By some estimates more than $12 billion flowed from AIG to Deutsche Bank in collateral as a result of these policies.

The mature domestic market, which accounts for about half of Deutsche Telekom's sales, remains the company's Achilles heel.

The cross-shareholdings have been unwound: Deutsche Bank, for instance, no longer owns chunks of insurers, carmakers or sugar processors.

Deutsche Bank's salespeople should have informed their clients directly about the risky nature of Gemstone 7's securities.

Deutsche Bank in Tokyo predicts a "severe depression" , with the economy shrinking at least until late 2010.

Numerous e-mails uncovered by the PSI show that Deutsche Bank's traders knew full well the risks of these securities.

By Deutsche Bank said, is the bank raid target customers, rather than the bank itself.

They are forecast by Deutsche Bank to see their assets more than double to $7 trillion in less than 10 years.

Two employees of Deutsche Bank have already left the company.

Chris Whitmore, a Deutsche Bank analyst, said he believes Kodak's operations burned more than $200 million in the third quarter.

Deutsche Bank in mid-January announced a new position for a head of residential mortgage-backed securities for the Asian-Pacific region.

As the financial crisis started rumbling in 2007, I was working at Deutsche Bank and went on CNBC in November to air my concerns.

"We are living a bit on borrowed time in a sweet spot where the deficit countries haven't yet adjusted, " says Deutsche Bank's Mr Mayer.

The chairman, from Deutsche Bank, suggests an opening price and Booker relays it to his trading room and customers.

Deutsche Bank predicts 5% inflation early next year, even with all the tightening noise coming out of Japan.

DEUTSCHE BANK's solution to its succession problem has not pleased everyone.

A single gas well in Europe might cost as much as $14m to sink, three-and-a-half times more than an American one, estimates Deutsche Bank.

Analysts at Deutsche Bank reckon that the labour deal could narrow the cost gap by a few dollars more.

Thomas Mayer, an economist at Deutsche Bank, believes that the impact of all this will be marked.

The NYSE management team, lead by chief executive Duncan Niederauer, has a strong incentive to push for the Deutsche Bourse deal.

Executives at Barclays, Deutsche Bank and UBS have done the same, even though the first two have avoided government injections of capital.

The stock later recovered, but Deutsche was still among the poorest performers among European banks.

Deutsche Bank CEO Josef Ackermann took a harder line in an interview with Bild am Sonntag to appear on Sunday.

Since the Deutsche Bank case, South Korea has introduced limits on the derivative positions investors can hold.

Deutsche Bank has assembled its top 200 executives in New Delhi, in a sign of the German bank's push into India and other emerging markets.

By this measure, the top six underwriters this year are all foreign, with Deutsche, Goldman and Credit Suisse heading the list.

Deutsche did not escape unscathed.

Currently, Deutsche Bank and DBS Securities CD-up is the company to arrange the listing.

William Schmitz, who follows consumer-goods industries for Deutsche Bank, is one who thinks that size can become an inhibitor of growth.

The Shanghai-based company hired Morgan Stanley and Deutsche Bank last March to help sell a 20 per cent stake for an expected $500m.

Deutsche B? rse has abandoned its attempt to merge with Euronext, but is unlikely to remain alone.

The court ruled that Deutsche's health warnings to Ille were inadequate and played down the risk of loss.

"It would be a call for action, " for ratings agencies, said Deutsche Bank analyst Gilles Moec.

Even so, Mr Meyer at Deutsche Bank reckons that the export performance of the past two years is "unrepeatable" .

However, he joined the board of Deutsche Bank after the war and was honoured by Frankfurt University in 1951.

"Deutsche is clearly one of the bidders, " the source said, adding that talks were under way.

"The data breakdown is not as weak as the December headline suggests, " said Alan Ruskin, an analyst at Deutsche Bank.

Hesse, Deutsche Bank's home state, enacted some of the world's first data protection laws back in 1970.

On Thursday this past week, Beijing-based lawyer-blogger Liu Xiaoyuan won Deutsche Welle's annual prize for the Best Chinese Blog.

Deutsche Bö rse and the LSE have so far failed to cut their prices by more than token amounts.

The company has hired Credit Suisse and Deutsche Bank to advise it on the listing.

Deutsche Bank AG, Germany's largest bank by assets, said over the weekend that it won't tap the bailout package.

Deutsche Bahn, which faces a liberalized European market, may not issue voting shares to outside investors, the party has decided.

The two banks agreed to merge last summer in a bid to create a more powerful rival to Deutsche Bank AG.

Citigroup, Goldman Sachs, Morgan Stanley and Deutsche Bank are the global coordinators for the AIA IPO.

But he's upbeat about the fate of China's classical musicians, whether or not they score Deutsche Grammophon contracts.

Investors are pressing Deutsche Bank to reduce its reliance on investment banking, no matter how stable its executives insist it has become.

As Michael Lewis of Deutsche Bank points out, three-quarters of the world's supply comes as a by-product from copper, lead and zinc mines.

A spokeswoman for Deutsche Bank, which is among the most influential of the group, said this system will reduce the risks in the market.

Deutsche Bahn and SNCF need to have normal commercial relations, like Lufthansa and Air France, says France's transport minister.

Deutsche Bank still needs to increase in size in Germany as a counterweight to global investment banking.

Gilles Moec, head of European economic research at Deutsche Bank, says a "technical cabinet" would be better placed to negotiate a bail-out.

His background in risky investment banking, a world away from Deutsche's staid domestic business, also makes him controversial.

And for those worried we are just in a bear rally, Deutsche Bank's forecast that China faces a W-shape recovery will be unwelcome.

Deutsche Bank agreed to many of these so-called novation requests, but charged more than usual to do so.

"There's no loan demand, and long-term rates have declined so much, " Deutsche Bank's O'Connor said.

According to Deutsche Bank, Brazil received the most inflows of any emerging country last month, with $900m, followed by Mexico with $541m.

Deutsche added that it could be a "a game-change for the EU gas market. "

Before exchange rates were fixed with the creation of the euro in 1999, countries had the option of devaluing versus the Deutsche Mark.

The evidence implicates many of Deutsche Bank's employees, and is far more convincing than the evidence in many of the various SEC cases.

'Event risk is building in the oil market, ' Deutsche Bank says in a recent report, citing the Bahrain and Libyan situation.

A good illustration of this attribute is a recent development by Goldman Sachs and Deutsche Bank.

The joint venture between Deutsche Bahn and SNCF, the German and French rail giants, was launched in 2007 amid high hopes.

Deutsche Bank was in the vanguard of institutions that spotted an investment opportunity in these disruptive changes in agriculture.

Deutsche Bank AG reserves the right to modify or amend these terms and conditions at any time.

Merrill sued Deutsche Bank in New York in March, alleging raiding staff, breach of contract and misappropriating trade secrets.

He believes Asian countries feel more culturally attuned to Europe than to the US, a mood that has benefited Deutsche Bank.

The writer, a research fellow at the Judge Business School, Cambridge University, previously ran a trading desk for Deutsche Bank.

Deutsche has said in the past that it wants investment banking to account for no more than 60% of its total earnings.

Michael Lewis, who works for Deutsche Bank, noted: "We don't see anything out there that's going to reverse the appetite for gold. "

Subprime lenders have also been scooped up by investment banks, including Morgan Stanley, Merrill Lynch and Deutsche Bank, in recent months.

Until Tuesday's announcement, only two carriers--Deutsche Lufthansa AG and Korean Air Lines Co. --had placed orders for the plane.

Deutsche Bank's Chris Whitmore: Apple announced iPhone customers on AT&T will be allowed to upgrade 6 months early.

Deutsche Bank's equity derivatives strategy group, in a December 14 note to clients, predicted volatility is here to stay.

Bankers Trust, now part of Deutsche Bank, was arguably quickest off the mark.

In a report, Deutsche Bank also cited the lack of clarity pertaining to Bumi's loans.

The Deutsche Borse is very efficient, offers very quick access to the capital markets and is particularly well suited to fast-growing SMEs.

Deutsche Bank reached a deal to acquire part of ABN Amro Holding NV's commercial-banking activities in the Netherlands from Fortis in July.

The disarmingly honest Deutsche analysts also looked at oil prices relative to one final measure: their peers' predictions.

Although they have backed down on both requests for new routes in Germany, "we expect them to come back, " says a Deutsche Bahn executive.

In August the commission ordered Deutsche Telekom to open its new network to rivals.

Deutsche Bank AG and Banco Santander SA led financial shares lower as German Chancellor Angela Merkel's government rattled investors.

Still, following Deutsche Telekom's example, all 30 companies in the DAX index recently agreed to set themselves similar goals.

This year, however, Deutsche Bahn caught flak at home for some dangerous air-conditioning malfunctions.

Mr Ackermann's lingering involvement also suggests that Deutsche's strategy will not change markedly.

UBS (UBS) and Deutsche Bank (DB), among others, have been raiding U. S. financial firms for brokers and other financial professionals.

Mr. Perez 'hasn't delivered on most of his financial targets for the past five years, ' said Chris Whitmore, a Deutsche Bank analyst.

Underlying this relatively strong performance is the way Deutsche blurs the distinctions between casino banking and utility banking.

According to these people, Sistema has suggested the full integration of the Russian conglomerate's telecoms division into Deutsche Telekom.

"We believe these signs will start to build and may first appear in a drop in Chinese import figures, " Deutsche Bank said in a note.

To drive spending on energy to the same level again, says Deutsche, the price of crude would have to rise to $145.

The engine-room of Deutsche Bank's wealth is London and its battleground is the global capital market.

On Deutsche Bank estimates, China's stimulus actually needs less than $150bn of annual lending.

Deutsche Bank has created the ELVIS index, which generates returns when stockmarket volatility increases.

In the 1980s, the U. S. dollar, Deutsche mark, and Japanese yen ruled the international monetary system.

Investors must ensure that the New York Stock Exchange - Deutsche B? rse merger at reasonable prices.

Alliances with the London Stock Exchange and Deutsche B? rse as early as this spring are also possible, Taizo Nishimuro said.

After realizing a free-floating exchange rate, Deutsche mark and Japanese yen both appreciated sharply against U. S. dollar, Wu said.

Mr Lowy caused a stir when he resigned from Deutsche Bank in March, having founded its Asian distressed debt operation in 1999.

He told an interview with Germany's Deutsche Presse Agentur that "just about everyone in the FIA" is urging him to stay.

But more of the barrels of oil bought and sold around the world are priced off Brent, according to Deutsche Bank AG.

Deutsche Bank AG said it substantially reduced its 'net exposure' to Italy, both by selling bonds and buying default protection.

In Europe, oil prices are down. Financial sector stocks like UBS and Deutsche Bank are also taking a hit.

In Europe, concerns over what lies on the balance-sheets of Deutsche and Barclays are ebbing but are not gone.

Moreover, a major CDO trader at Deutsche Bank sold an enormous volume of similar securities, earning nearly $6 billion for the firm overall.

BlackRock, Deutsche Bank and ETF Securities hope to join JPMorgan in offering investors exposure to physical copper.

The likes of Deutsche and Credit Suisse have not needed to do huge deals to produce bumper earnings in the first quarter.

Morgan Stanley, Goldman Sachs and Deutsche bank are the underwriters for the deal, according to people familiar with the situation.

Deutsche Post's business agent in the United States is the DHL air cargo company (DHL).

In Germany the market leader in car-sharing is a company owned by Deutsche Bahn, a railway giant, based around railway stations.

Deutsche Bank has raised its earnings forecasts for the first time in two years, and others may follow.

Deutsche Bahn has a stronger balance-sheet and a bigger home market.

Further consolidation will happen only slowly: the sale of Postbank by Deutsche Post is the likeliest next milestone.

Why has Deutsche Post World Net decided to acquire Exel?

Like all investment banks, Deutsche Bank is cagey when it comes to revealing where it earns its money and what profit it makes.

Deutsche B? rse, the German stock exchange, has set up live feeds from undertakers to find out what age people are when they die.

German banks, including Deutsche Pfandbriefbank, are examining the possibility of issuing structured covered bonds.

Deutsche Bank spokesman Ted Meyer said, 'Citadel is a valued customer and our relationship is business as usual. '

In just seven weeks, yuan trading in the city has jumped from nothing to $50 million in daily turnover, Deutsche Bank says.

"There is no bottom-up culture of innovation in France to match Germany's, " says Thomas Mayer, at Deutsche Bank.

A deal would bring together the second and third-biggest German banks behind Deutsche Bank, with the largest private-sector branch network.

GE and Deutsche Bank, which is advising the company, declined to comment.

Deutsche Bank has said, however, that it remains committed to owning its art collection.

Deutsche declined to confirm reports that bonuses for its investment bankers would be cut by 60 per cent.

"We think the ECB is right not to get optimistic too quickly, " said Mark Wall at Deutsche Bank.

A recent report from Deutsche Bank drastically cut forecasts for growth at sovereign-wealth funds worldwide.

But the shift in economic fortunes is too sudden to be due solely to exports, according to Thomas Mayer of Deutsche Bank.

Deutsche Bank said this week that it would miss its year-end profit target.

The two companies, NYSE Euronext and Deutsche Borse, announced the agreement Tuesday.

It would indeed be sensible for Deutsche Bank to focus on building links at home.

Last month Deutsche entered exclusive negotiations with LGT Group of Liechtenstein.

Goldman Sachs and Deutsche Bank have secured lead roles in the blockbuster initial public offering of Agricultural Bank of China.

Anshu Jain, head of investment banking at Deutsche Bank, is similarly a leading candidate to succeed Mr Ackermann.

Gerald Lucas, senior investment adviser at Deutsche Bank, said: "Investors now believe the credit squeeze will last a lot longer. "

Deutsche Borse shareholders would own about sixty percent of the combined group.

Deutsche Bank AG lowered its recommendation for the Vienna-based company to "sell" from "buy. "

Deutsche Telekom used an independent security company to comb the phone logs of supervisory board members.

Germany's Deutsche Lufthansa is diverting flights away from Tokyo to Osaka and Nagoya via Seoul.

The second exhibition, sponsored by Deutsche Bahn itself, opened in Berlin at the Potsdamer Platz train station last week.

Group Vice Chairman and Managing Director Raymond Kwok (left) and Deutsche Bank Asia Pacific CEO Colin Grassie at the signing ceremony.

The DHL expertise is pooled from a number of companies acquired by Deutsche Post World Net .

If Deutsche Bö rse gets its way, it will add ISE to its well-regarded Eurex derivatives market.

Mr Cai and several of his colleagues subsequently turned up at Deutsche Bank.

Deutsche Bank AG and China International Capital Corp. also expect a higher February inflation rate.

DHL founded in 1969, is now the deutsche post wholly-owned and share-controlled company.

Illumina has about two-thirds of the market in the most technologically advanced sequencers, says Deutsche Bank analyst Ross Muken.

"I could imagine the EU pitching in" , says the Deutsche Bank representative.

Michael Lewis of Deutsche Bank has come up with several different ways of comparing past and present oil prices.

Deutsche Bank has banned staff from putting hotel television porn channels on their company credit card.

Banks like Deutsche also find themselves in a delicate situation.

Demand for oil in July fell five per cent from the previous month, and is up just two per cent year on year, according to Deutsche Bank.

In contrast to some of its rivals, Deutsche Bank said its investment-banking business had performed well.

A Deutsche spokesperson described the claims as "unreasonable and unfair" .

Many German voters view Mr. Ackermann and Deutsche Bank as symbols of raw capitalism and boardroom greed. Mr.

Unfortunately, that has been too late to save IKB Deutsche Industriebank, a small German lender, from a messy bail-out.

That Deutsche Bank should face such charges from an investor is not simply embarrassing.

In a note issued early Monday, Deutsche Bank's Chris Whitmore is telling clients to expect both -- an iPhone 5 and an iPhone 4S.

In 2010 we will witness the emergence of a banking super-league comprising Goldman Sachs, JPMorgan Chase and Deutsche Bank.

Deutsche Bank's shares dropped on Friday after reports that it planned a share issue.

"It's a huge development, " said Mirza Baig, a Singapore-based currency strategist for Deutsche Bank.

In recent weeks three German banks, including Deutsche Bank, have reduced business with Iran.

"If you want to stay clean, the exit strategy is easier, " says Thomas Mayer of Deutsche Bank.

Deutsche Bank now wants Paul Achleitner, Allianz's chief financial officer, as chairman.

Earlier this year, Deutsche Bahn bought British company Arriva, which operates buses and trains across 12 European countries.

As part of the deal, a Deutsche Telekom representative will join the AT&T board.

A court in Milan cleared Bank of America, Citigroup, Deutsche Bank and Morgan Stanley on charges related to the collapse of Parmalat.

Both sides of the complementary pair has Deutsche Mark banknote " " D on the mark.

Wise King Mining, another mainland company, is targeting a smaller offering of about $150m, co-managed by Deutsche Bank and UBS.

Just four major German companies will remain listed in the US. , including Siemens AG and Deutsche Bank AG.

Deutsche Bahn is not involved in the row, but its ICE trains work on distributed power.

Deutsche Telekom, a German media behemoth, has declared that 30% of its middle and upper management jobs will be filled by women by 2015.

Until now. Deutsche Grammophon has signed its first classical guitarist for years.

Deutsche Bank is seeking to have that case dismissed.

Behemoths like Barclays, Deutsche and UBS may reasonably expect to find some shelter under Mr Paulson's tarpaulin.

Deutsche Bank continues to deal with the spying affair on other fronts.

A new study by Deutsche Bank attacks UK energy strategy as being a discouragement to green-power investors.

Morgan Stanley, Deutsche Bank and Credit Suisse took lead roles in bringing Renren public.

And today Deutsche Bank unveiled the world's first real-time carbon counter to measure these microscopic murderers.

Carrefour is being advised by Goldman Sachs and UBS, while Casino is being advised by Deutsche Bank.

AT& T and Deutsche Telekom, T-Mobile's German parent, have pledged to fight on, but the merger's chances are slim.

Additionally, an industry report by Deutsche Bank suggests that memory prices are unlikely to rise again until the second half of 2011.

Deutsche Bank analyst Tom Ernst says the market for packaged software has already peaked.

Deutsche Bank said: "We are confident as regards to the completion of the other probes. "

Deutsche has described these claims as "without merit" and has said it will defend itself vigorously.

Deutsche Bank said in a research note that analysts on average had expected signings of $12 billion to $13 billion.

He says combining with Deutsche Borse will make the company more competitive.

Another tussle looms in October, when Deutsche Bahn will test an ICE-3 high-speed train through the Channel Tunnel.

John Gallagher, a spokesman for Deutsche Bank in New York, declined to comment.

In 2008, platinum plummeted from record highs to fall below the price of gold, said Deutsche Bank analyst Michael Lewis.

Are the legal hassles of Deutsche Bank's bosses harming its future?

Credit Suisse AG and Deutsche Bank AG have won approvals for securities ventures that can underwrite offerings in Shanghai and Shenzhen.

If a deal is reached, Mr Dorman would likely join Deutsche in a senior role, perhaps as head of US prime brokerage.

As Adam Sieminski at Deutsche Bank points out, oil prices are driven both by current conditions and by future expectations.

As Adam Sieminski of Deutsche Bank points out, oil prices are driven both by current conditions and by future expectations.

DHL Supply Chain, a division of the DHL Logistics under the Deutsche Post World Net, is the world's contract logistics provider.

According to Gillian Edgeworth, an economist at Deutsche Bank, 51% of Hungarian credit is in foreign currencies.

Whereas some banks held on to positions, Deutsche quickly cut risk.

Tony Burgess, global head of M&A at Deutsche Bank, said there were fewer deals as share prices declined.

Why did so many East Asian companies and banks borrow dollars, yen and Deutsche marks instead of local currency to finance their operation?