• Germany edition
 
Finance Ministry: 36 banks 'too big to fail'
Photo: DPA

Finance Ministry: 36 banks 'too big to fail'

Published: 18 Dec 2012 07:53 GMT+01:00
Updated: 18 Dec 2012 07:53 GMT+01:00

Following an official information request from Green Party finance policy spokesman Gerhard Schick, the Financial Ministry revealed that 36 specific banks are considered important to the German financial system, the Süddeutsche Zeitung newspaper reported.

Each institution on the list, which likely includes big names like Deutsche Bank, Commerzbank and HypoVereinsbank, as well as the state banks, has been asked to present an action plan by the end of 2013, outlining its crisis strategy.

Finance Minister Wolfgang Schäuble said after the request was announced in November that he would like to pass a law legally requiring the banks to do so.

But Schick criticised the fact that proportionally too much time was being spent supervising small banks than big banks.

Deutsche Bank, for example, accounts for 23 percent of the country's total banking assets but has just four percent of the ministry's experts watching over it, Süddeutsche Zeitung wrote. While small banks, which together account for eight percent of banking assets, have been assigned 20 percent of overseers.

Schick told the paper that “proportionally, big banks are seriously under-observed.”

He added that incidents like the Libor scandal highlighted just how much intensive observation should be going into big banks from the government.

The Local/jcw

The Local (news@thelocal.de)

Your comments about this article

11:30 December 18, 2012 by smart2012
Now u will understand why Germany was against eu banking supervision...
13:58 December 18, 2012 by twisted
And nothing will change. Instead of doing the right thing, breaking up the banks, they will just let them cruise along until another major atastrophe take place in the banking industry and then it will be too late.
09:08 December 19, 2012 by SynJyn Tweer
The problem is simple as long as we have thieves looking after thieves the banking system will rule.

It is time that the man in the street takes action do not support the big 36 remove your funds and accounts and change to the banks that can fail. GO ON THE STREET AND VOICE YOUR DISAPPROVAL OF THE CURRENT BANKING SYSTEM WHICH IS SUPPORTED BY THE POLITICAL POWERS!
17:03 December 26, 2012 by raandy
It is these "To Big To Fail Banks" that got us in the 2008 crisis in the first place , and now we want to turn a blind eye, nothing has changed .
Today's headlines
UK, US spies can access telecom records: report
German Chancellor Angela Merkel. Photo: DPA

UK, US spies can access telecom records: report

The US National Security Agency and British intelligence services are able to secretly access data from telecoms giant Deutsche Telekom and several other German operators, according to Der Spiegel weekly. READ  

Germany soldiers head to Iraqi Kurdistan
German soldiers on deployment in Afghanistan. Photo: DPA

Germany soldiers head to Iraqi Kurdistan

Berlin is preparing to send around 40 soldiers to northern Iraq to train Kurdish fighters battling against militants from the Islamic State, the German army said on Saturday. READ  

German LGBT activist badly beaten in Belgrade
Gay rights activists in Belgrade in 2013. Photo: DPA

German LGBT activist badly beaten in Belgrade

A German man who participated at a conference on LGBT rights was in intensive care Saturday after he was severely beaten by unknown attackers in Belgrade, a doctor said. READ  

Pharma giant Bayer in contempt: US
Photo: DPA

Pharma giant Bayer in contempt: US

The United States government accused German pharmaceutical giant Bayer of making scientifically unproven statements about the health benefits of a popular probiotic on Friday. READ  

German newspaper targeted by neo-Nazis
Photo: DPA

German newspaper targeted by neo-Nazis

The Organisation for Security and Cooperation in Europe said on Friday that neo-Nazi vandalism and threats against a local newspaper in eastern Germany were "unacceptable and must be stopped". READ  

Fake police steal from Berlin tourists
Photo: DPA

Fake police steal from Berlin tourists

Police arrested three men on Thursday evening for stealing from unsuspecting tourists in Berlin by pretending to be police officers conducting a search. READ  

'Shariah Police' ditch vests and change name
German Salafist convert and preacher Sven Lau. Photo: DPA

'Shariah Police' ditch vests and change name

Salafists who caused outrage by mounting patrols in western Germany as "Shariah Police" have ditched their vests and changed their name, but pledged to continue to take action. It comes as political leaders were accused of creating a "safe zone" for Islamists. READ  

Berlin spy station sees tourism boom
On top of Teufelsberg. Photo: DPA

Berlin spy station sees tourism boom

A former US listening station in Berlin is experiencing a boom in visitor numbers since the NSA spying scandal hit the headlines. The Local takes a tour of the abandoned Teufelsberg, guided by one of its former spies. READ  

Germany officially bans terror group Isis
Isis fighters (l) and Thomas de Mazière (r) Photo: DPA/EPA/ALBARAKA NEWS/HANDOUT BEST QUALITY AVAILABLE

Germany officially bans terror group Isis

UPDATE: Germany on Friday officially banned Islamic terror group Isis from any activities in the country, warning that the jihadists, who have captured swathes of Iraq and Syria, also posed a threat to Europe. READ  

Politician compares education reform to 9/11
North Rhine-Westphalia politician Angela Freimuth made the comments while wearing an USA flag scarf. Photo: DPA

Politician compares education reform to 9/11

Politicians in a German state parliament reacted furiously on Thursday when one of their members compared new university regulations to 9/11 on the 13th anniversary of the terrorist attacks on the World Trade Center. READ  

RECEIVE OUR NEWSLETTER AND ALERTS
Photo: DPA/ESA
Tech
VIDEO: How one German astronaut sees Earth
Photo: DPA
Berlin
Frisky couple shock Berlin commuters
Photo: DPA
Society
Meet Germany's jihadists: Young, male, losers
Photo: DPA
Politics
Are Germans right to want cooler relations with USA?
Marks & Spencer
Sponsored Article
Fashion Ladies of the Local: Win a New Autumn Look
Photo: Bayernpartei/DPA
Politics
Why some Bavarians want a Scottish 'Yes'
Photo: DPA
Gallery
12 things to do in Berlin for less than a latte
Photo: DPA
Berlin
Should you still use banned Uber?
Photo: Facebook
National
Bavarian waiter breaks beer-carrying record
Photo: DPA
Gallery
Photos: Bomb forces 14,000 from homes
Photo: DPA
Gallery
Ten German place names that make us giggle
Sponsored Article
Bilingual education from nursery to graduation at Phorms
Photo: DPA
Business & Money
JobTalk: All you need to know about working in Germany
National
Share news tips with The Local Germany
Latest news from The Local in Austria

More news from Austria at thelocal.at

Latest news from The Local in Switzerland

More news from Switzerland at thelocal.ch

Latest news from The Local in Denmark

More news from Denmark at thelocal.dk

Latest news from The Local in Spain

More news from Spain at thelocal.es

Latest news from The Local in France

More news from France at thelocal.fr

Latest news from The Local in Italy

More news from Italy at thelocal.it

Latest news from The Local in Norway

More news from Norway at thelocal.no

Latest news from The Local in Sweden

More news from Sweden at thelocal.se

3,285
jobs available
Toytown Germany
Germany's English-speaking crowd