Does it matter how Deutsche Bank marked its derivatives exposures to market at the height of the financial crisis? The German bank has been under investigation for two years by the US Securities Exchange Commission following allegations by a whistleblower that it used inappropriate models to value a €130bn ($169.9bn) portfolio, thereby avoiding an €11bn write-down.

That would likely have pushed its capital ratios below regulatory requirements and might have forced it to accept a public bailout. But the risk never materialized, the bank went on to sell the assets within its marks and has since built up its capital base organically. What harm was done?