Many websites and online credit offers of providers in Germany do not comply with the legal provisions on advertising for consumer credits and information to be provided. This is the result of an Internet sweep on consumer protection in the member states of the European Union (EU) and the European Economic Area (EEA) published today, in which the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht - BaFin) participated for the first time in the autumn of 2011. The Internet sweep was coordinated by the European Commission.
More: BaFin participates in Internet sweep on consumer credits …
Dr. Elke König has been named the new President of the Federal Financial Supervisory Authority (BaFin). On 20 December 2011, Dr. Wolfgang Schäuble, Federal Minister of Finance, presented her with her certificate of official appointment. Dr. König's term will commence in early January 2012. She will succeed the previous BaFin President, Jochen Sanio, who will be retiring at the end of the year.
More: Dr. Elke König named new BaFin President …
“The recapitalisation needs of the surveyed German banks have been calculated as totalling €13.1 billion, with six of the 13 credit institutions reporting a shortfall,” said Sabine Lautenschläger, Vice-President of the Deutsche Bundesbank. Around 65% of this national capital shortfall is accounted for by two institutions: Commerzbank which has a capital requirement of €5.3 billion and Deutsche Bank, which requires funding in the amount of €3.2 billion. More-over, the Norddeutsche Landesbank, the Landesbank Hessen-Thüringen, the DZ Bank and the WestLB all report capital shortfalls.
More: Results for Germany of the EU-wide survey on bank recapitalisation …
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