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    WDI   DE0007472060

WIRECARD AG

(WDI)
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Risks for German finance revolve around rates, BaFin president says

11/15/2021 | 10:02am EST
FILE PHOTO: Swiss Financial Market Supervisory Authority Chief Executive Branson attends a news conference in Bern

* BaFin chief outlines 10 new medium-term goals

* Banks need to improve profitability, Branson says

FRANKFURT, Nov 15 (Reuters) - The new president of Germany's financial watchdog BaFin said on Monday that the greatest risks for the financial sector revolve around interest rates.

BaFin President Mark Branson, just months into the job, also outlined 10 new medium-term goals for the supervisor, ranging from promoting stability to preventing money laundering.

BaFin's reputation was battered last year after it failed to spot wrongdoing ahead of the collapse last year of the German payments company Wirecard, a former blue-chip hailed as a German success story and once worth $28 billion.

That resulted in new leadership at BaFin with Branson at the top, as well as new powers for the Bonn-based body.

Branson, speaking at a banking conference and in an in-house BaFin publication, said that years of low interest rates can be problematic for certain bank business models and for life insurance.

At the same time, the risk of bubbles forming is increasing in various markets, he said in the in-house publication, BaFin Journal.

"If rates rise abruptly, it will be turbulent," he said at the conference.

Branson said that banks need to work on improving profitability, which can be the first line of defense in troubled times.

(Reporting by Tom Sims and Frank Siebelt Editing by Riham Alkousaa and Nick Zieminski)


ę Reuters 2021
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Wirecard AG Technical Analysis Chart | WDI | DE0007472060 | MarketScreener
Managers and Directors
Thomas Eichelmann Chairman-Supervisory Board
Wulf Matthias Member-Supervisory Board
Stefan Klestil Member-Supervisory Board
Vuyiswa V. MĺCwabeni Member-Supervisory Board
Anastassia Lauterbach Non-Executive Director
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