German FM comments on DB/Commerz

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Germany’s Finance Minister Olaf Scholz says that he is in talks with banks about their future and calls reports of a merger of Deutsche Bank and Commerzbank “speculation”.

It is reported that Germany would like to see a merger of its two main banks to go through before European Parliament elections in May. Scholz says that elections have nothing to do with the banking sector.

“The truth is we are discussing the situation of the financial industry in Germany, it’s the task of our government,” Scholz said at a Bloomberg event in London.

“We are discussing about clearing, we discuss about the development of the banking sector. We are debating whether the different banks, about their situation, for being able to do the necessary things when something needs to be done.”

There was “no debate” about a setting up a bad bank to hold souring loans of lenders. “There are two banks, they are doing anything to get enough profits. We are discussing with them about the situation of the banking industry in Germany,” Scholz says.

“It’s important to have a strong banking sector to do what national champions are doing and able to do,” he says.

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