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Viewing cable 08DUSSELDORF7, GERMAN BANKING REGULATORY FEUD RESOLVED

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Reference ID Created Released Classification Origin
08DUSSELDORF7 2008-02-06 18:12 2011-08-24 01:00 UNCLASSIFIED Consulate Dusseldorf
VZCZCXRO1013
RR RUEHAG RUEHAST RUEHDA RUEHFL RUEHIK RUEHKW RUEHLA RUEHLN RUEHLZ
RUEHPOD RUEHROV RUEHSR RUEHVK RUEHYG
DE RUEHDF #0007 0371812
ZNR UUUUU ZZH
R 061812Z FEB 08
FM AMCONSUL DUSSELDORF
TO RUEHC/SECSTATE WASHDC 0113
INFO RUEATRS/DEPT OF TREASURY WASHINGTON DC
RUEHZL/EUROPEAN POLITICAL COLLECTIVE
RUCNFRG/FRG COLLECTIVE
RUEHDF/AMCONSUL DUSSELDORF 0129
UNCLAS DUSSELDORF 000007 
 
SIPDIS 
 
SIPDIS 
 
E.O. 12958: N/A 
TAGS: EFIN ECON PREL PGOV GM
SUBJECT: GERMAN BANKING REGULATORY FEUD RESOLVED 
 
 
Sensitive but Unclassified -- Not for Internet Distribution 
 
1.  (U) On February 5, the two chief German banking regulatory 
bodies ended a long-standing feud over who will have ultimate 
oversight in the German banking sector.  In a much anticipated 
decision, the Bundesbank in Frankfurt ceded most regulatory 
authority (banking supervision, sanctions, etc) to Bonn-based 
BaFin (Federal Financial Supervisory Authority).  The Bundesbank 
will retain responsibility for the continuous monitoring of 
banking activities by evaluating auditors' reports, annual 
financial statements as well as the risk management and capital 
reserves of banks.  It will provide information to BaFin so that 
the latter can carry out its watchdog duties, such as issuing or 
revoking banking licenses, removal of bank managers, or imposing 
of moratoria. 
 
2.  (U) Initial reports indicate that Finance Minister 
Steinbrueck strongly urged Bundesbank and BaFin to come to an 
agreement on their own or face the prospect that he make the 
decision for them.  The Finance Ministry publicly expressed 
satisfaction with the solution as it reduces redundancy, 
increases transparency, and demonstrates that banking oversight 
in Germany is "strong and decisive." 
 
Comment 
---------- 
 
3.  (SBU) This decision appears to resolve a number of unclear 
aspects in the division of labor in regulatory oversight of the 
German banking sector.  A possible resolution has been months in 
the making and while BaFin officials told us (most recently in 
January) that BaFin would be pleased with any resolution that 
resulted in better transparency, it appears that BaFin won the 
turf battle. 
 
4.  (U) This message was coordinated with Embassy Berlin and CG 
Frankfurt. 
 
BOYSE