Frankfurt / Main (dpa) – Deutsche Bank has publicly distanced itself from an in-house study that was riddled with sharp criticism of politics and supervision.
The one by Deutsche Bank Research on Tuesday The published elaboration reflects “the author’s views”, a spokesman for the largest German financial institution in Frankfurt stated in writing.
“These are neither shared by Deutsche Bank, nor have they been authorized by the management of Deutsche Bank Research Said the spokesman. “In particular, Deutsche Bank and Deutsche Bank Research distance themselves from the content and form of inappropriate criticism of supervisory authorities and political decision-makers expressed in the study.”
Analysis no longer available
The analysis with the title “Reform Agenda for the Financial Center Germany. Much room for improvement, urgent need for action ”, which is available to the German Press Agency and from which the“ Börsen-Zeitung ”also quotes, is no longer available on the Deutsche Bank website.
In the 20 – on the side of the elaboration, the author clearly criticizes the financial supervisory authority Bafin: «There is probably – unfortunately – hardly any financial supervisory authority in the industrialized countries worldwide, under whose eyes in the last 15 Years, so many financial scandals have taken place and in which the financial supervisory authority has given such a bad, even partially dysfunctional picture as the German Federal Financial Supervisory Authority (Bafin). ”
It goes on to say:“ The The experience of recent years has simply been embarrassing for Germany, the local financial supervisory authority is likely to have suffered a serious loss of image both with its international counterparts and with the financial institutions and is in some cases hardly taken seriously en. ”
Reorientation of Bafin also called for
The reorientation of Bafin after the Wirecard scandal is“ actually more than overdue ”, writes the author. For a long time, “the resistance to obviously necessary, urgently required changes (…) within the institutions, including the Ministry of Finance and the Bundestag, seems to have been too dominant (…)”, according to his judgment.
All in all, the author gives the financial center Germany a miserable testimony: “The financial center Germany has been structurally slumbering for many years.” In an international comparison, the local financial center has “fallen dramatically behind” in recent years, writes the author: “This applies to the financial sector as a whole, but above all to the banking industry. It is chronically slow in growth, structurally sclerotic, extremely unprofitable and far too inefficient. ”
The“ list of deficits and failures ”is very long, according to the author. “For the world’s fourth largest economy, that’s an absolute sign of poverty. Just like the factual refusal of the decision-makers in politics to even acknowledge the infirmity of the financial center and to counter it with powerful, decisive measures. ” Not a single major country in the world has “neglected its banking industry in such a way and watched it being degenerated as Germany”, it says in the draft.