Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 185

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 185
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 beneficiaries of the guarantees required that they be backed directly by Iranian banks. In 2007, the bank made a decision to discontinue issuing new guarantees to Iranian or Iran-related beneficiaries. Although the pre-existing guarantees stipulate that they must be either extended or honored if the bank receives such a demand and is legally not able to terminate these guarantees, the firm decided to reject any “extend or pay” demands under such guarantees. Even though the bank had exited, where possible, many of these guarantees, guarantees with an aggregate face amount of approximately € 8.1 million are still outstanding as of year-end 2024. The gross revenues from this business in 2024 which the bank received from non-Iranian parties were approximately € 27,000 and the net profit derived from these activities was less than this amount. Deutsche Bank also has outstanding legacy guarantees in relation to a Syrian bank sanctioned by the United States under its non-proliferation program. The aggregate face amount of these legacy guarantees was approximately € 9.2 million as of December 31, 2024, the gross revenues received from non-Syrian parties for these guarantees were approximately € 15,000 in 2024 and the net profit derived from these activities was less than this amount. The bank intends to exit these guarantee arrangements. Payments Executed.Deutsche Bank continues to severely restrict its policy on Iran and consequently the execution of payments relating to Iran. In 2024, no incoming or outgoing payments were executed on behalf of Iranian parties outside of Germany; with regards to the Iranian Embassy in Germany, see below. Operations of Iranian Bank Branches and Subsidiaries in Germany.Several Iranian banks, including Bank Melli Iran, Bank Saderat, Bank Sepah, and Europäisch-Iranische Handelsbank, have branches or offices in Germany, even though their funds and other economic resources had been frozen earlier under European law. As part of the payment clearing system in Germany and other European countries, when these branches or offices needed to make payments in Germany or Europe to cover their day-to-day operations such as rent, taxes, insurance premiums and salaries for their remaining staff, or for any other kind of banking-related operations, fund transfers from these Iranian banks had been accepted through Target2 or in SEPA format. In 2024, Deutsche Bank executed approximately € 3.1 million in (almost only in-coming) transfers through Target2 or SEPA across approximately 1,000 transactions and credited the relevant amounts to the