Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 62

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 62
---
-offs involved in financing post-employment benefits, regulatory capital and constraints from local funding or accounting requirements.

| 38 |

| Deutsche Bank                   |
| Annual Report 2024 on Form 20-F |

The bank’s investment objective in funding the plans and its obligations in respect of them is to protect the bank from adverse impacts of its defined benefit pension plans on key financial metrics. The bank seeks to allocate plan assets closely to the market risk factor exposures of the pension liability to interest rates, credit spreads and inflation and, thereby, plan assets broadly reflect the underlying risk profile and currency of the pension obligations. To the extent that the factors that drive the bank’s pension liabilities move in a manner adverse to the bank, or that its assumptions regarding key variables prove incorrect, or that funding of the pension liabilities does not sufficiently hedge those liabilities, the bank could be required to make additional contributions or be exposed to actuarial or accounting losses in respect of its pension plans. In Germany, the Group is a member of the BVV Versicherungsverein des Bankgewerbes a.G.(BVV), a multi-employer defined benefit plan, together with other financial institutions. In line with industry practice, the Group accounts for it as a defined contribution plan since insufficient information is available to identify assets and liabilities relating to the Group’s current and former employees, primarily because the BVV does not fully allocate plan assets to beneficiaries nor to member companies. The Group may be exposed to significant financial risk should the residual risks related to this multi-employer defined benefit plan materialize. The emerging crypto assets sector may pose risks to the bank, whether the bank participates in it or refrains from doing so.. Crypto assets carry extreme price volatility risk, unclear price transparency, can have underdeveloped liquidity and may be susceptible to market manipulation or fraud. Deutsche Bank’s crypto related activities and direct risk exposures are extremely limited and the risk of broader contagion to financial markets is still considered to be limited. Despite the risks currently posed by crypto assets, the bank is cognizant of the innovation that is occurring in this space. Deutsche Bank reviews opportunities to leverage the benefits of the underlying technology to address customer needs within the bank’s regulatory and risk appetite frameworks. By maintaining a cautious and highly selective approach, the bank aims to leverage new technology in a way that safely benefits clients, but this approach could also lead to missed opportunities. In addition, the ability for banks to engage in digital asset activities will vary depending on the regulatory stances taken within each jurisdiction and this may limit Deutsche