According to Weber's seven-point reform outline, the present "dual banking supervision" system--under which the Bundesbank essentially performs the operational banking examination in the field and BaFin
acts as the enforcing arm of the government--should be terminated.
WestLB is expected to pare down its fast-growing investment banking business after the BaFin
report condemned its risk management, prompting Mr Sengera and board member Andreas Seibert to resign.
would now allow loan origination by investment funds.
The banking oversight currently has no findings about the infringements reported, but BaFin
and the Bundesbank are investigating these accusations against this bank," ministry spokesman Michael Offer told a news conference.
Marcus Geschwandtner, who specializes in banking law at the firm of DHPG in Bonn, argues: "Whether supervisory authorities like BaFin
and the Bundesbank have made mistakes or, considering the high risk exposures of the examined banks, are even guilty of negligence, can only be uncovered by an independent investigation.
As things stand, by early next year, BaFin
will be run by a five-person board of directors instead of a president.
German regulator, Bafin
, is to grant a full banking license to the Turkish bank.
Separately, Der Spiegel said that an internal report by Germany s financial market watchdog BaFin
concluded that German banks could be seriously threatened if Greece or other countries including Spain, Portugal and Italy become insolvent.
In conjunction with our recent updated filing with BaFin
, we wanted to clarify to you our total position in Deutsche Boerse.
The financial supervisory agency BaFin
saw "indications that some hedge funds acted in concert when they blocked Deutsche Borse AG's plans to take over the London Stock Exchange.
Felix Hufeld, head of insurance supervision at German financial regulator, Bafin
, could take over as boss of the agency.
FXDD has received written acknowledgements from such regulatory bodies as Autorite e Controle Prudentiel (Banque de France), BaFIN
(Germany) and a host of other agencies.