9.22.2016

The Fire Rises at Deutsche Bank

Deutsche Bank Woes Sparks Concern Among German Lawmakers
At a closed session of Social Democratic finance lawmakers this week, Deutsche Bank’s woes came up alongside a debate over Basel financial rules, according to two people familiar with the matter. Participants discussed the U.S. fine and the financial reserves at Deutsche Bank’s disposal if it had to cover the full amount, according to the people, who asked not to be identified because the meeting on Tuesday was private.

While the participants -- members of the junior party in Chancellor Angela Merkel’s government -- didn’t reach any conclusions on the likely outcome, the discussion signals that the risks have the attention of Germany’s political establishment.

Merkel’s government is now maintaining a public silence on Deutsche Bank’s woes. For all the turmoil surrounding the bank, the topic didn’t come up at a 90-minute closed session of the German parliament’s Finance Committee with Schaeuble on Tuesday, participants said. The Finance Ministry in Berlin didn’t respond to phone calls seeking comment.

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