Banking and insurance supervision: BaFin chief Hufeld warns Proposed referendum on United Kingdom membership of the European Union – Tagesspiegel

The European financial supervisors argue for a retention of the British in the European Union and a Proposed referendum on United Kingdom membership of the European Union. “Everyone hopes that the British opt for the EU, I also,” said the head of the German Financial Regulator BaFin, Felix Hufeld, the Tagesspiegel. Should the British vote for the Proposed referendum on United Kingdom membership of the European Union, which is a problem especially for the major banks. “The largest institutions would get the biggest problems,” says Hufeld. “You have the most trading activity with or in London.” The European Central Bank (ECB) takes the question seriously. The ECB, which oversees the banks, has already set up a ‘non-Marking “.

At the banks still is something amiss

Here are banks anyway already the focus of supervision. Although had improved risk management since the financial crisis much Hufeld said. unfortunately “This does not comprehensively for the way how banks do business. Manipulation of standards, unacceptable sales practices, tax evasion or money laundering – here is still something amiss, “criticized the head of the authority. In connection with the formation of shell companies in Panama Bafin checked according Hufelds currently eleven institutes intense. On fast results but you can not hope. Until the documents are evaluated, will “take some time” pass the BaFin chief announced. Hufeld but wishes not only to rethink the standards of conduct, but also in the business models of banks. “Banks are still living to 80 percent of savings”, Hufeld said. “This is fatal when cooled the economy.” In addition, the banks would have to ask, “if they really have to offer everything for every customer.”

Hufeld warns against hasty in European deposit guarantee

too rapid introduction of a European deposit guarantee rejects Hufeld. “In the medium to long term you can think about, but at the moment there is a lack of the necessary requirements. At present, the whole thing would be built on sand “, Hufeld said. In this week to meet European finance ministers to discuss about this topic. According Hufelds but risks need to be tackled before a Europeanisation of deposit insurance. Banking risks would be reduced, emphasized the BaFin chief who still close ties between banks and countries had to be resolved. “We can not build a construct that captures the error of false economic policy on deposit insurance and socialized in the EU. Something you could convey in Germany anyone, “warned Hufeld.