DB and the counter party.
Events may have already taken place which executed DB. We'll not know for a week or two.
Derivatives are constructed in every conceivable fashion. You could probably construct and sell a derivative on whether the Giants will win another world series and there's no controlling legal authority that says you can't.
And that's not a business a consumer deposit and loan bank ought to be in.
1. DB is far from a consumer deposit and loan bank.
2. While each counterparty knows what is in their own contract, they have no idea to what extent DB has hedged the risk. I may know that DB has to pay me 1.1 million Euro a month if the central bank rate goes above .5%, but I have no idea if somebody else has to pay them 1.2 million Euro a month if the central bank rate goes above .5%.