Wirecard Neither the resources nor the powers – economy

The Federal government announces to the auditors of the contract with the Balance sheet. Also, KfW has Wirecard borrowed 100 million.

Long have looked the other way in Germany all the responsible instances, the Federal government is pulling in billion-balance-sheet scandal of the Dax-listed company Wirecard first consequences. The Federal judiciary and the Federal Ministry of Finance will terminate the contract with the German financial reporting enforcement panel (DPR). It would have been agreed by both ministries, confirmed by a spokesman for the Justice Department on Sunday in a report Picture on Sunday. The privately organised Association DPR controlled in the state of the order, the balance sheets, and issued in the case of Wirecard not a good figure. The Dax-listed company from Aschheim had filed last week for bankruptcy, after in the balance sheet with a hole of 1.9 billion euros had appeared. Belongs to the creditors, even a subsidiary of the state-owned KfW-Bank with 100 million euros. In the case of the DPR was initially no opinion. The German Federal financial Supervisory authority (Bafin) had given to its own representation of the DPR in February 2019, with the note that there were inconsistencies in the half-year balance sheet 2018 of Wirecard. Several journalists, particularly those of the Financial Timeshad not previously noted in numerous Reports. A review of the DPR is, however, still.

“We have immediately responded, and in the middle of February 2019 in the case of the DPR, an audit initiated,” said a spokeswoman for the authority. The Bafin for the audit is not competent, but on the first stage alone of the DPR. The testing took so long. In fact, the “balance police” designated verifier has only a small staff. That you found in the balance sheet of Wirecard inconsistencies, therefore, is unlikely: normally one to two experts to examine, in such cases, the accounting. Documents to Asia to trace – they have neither the resources nor the powers. This Wednesday, it must provide Bafin-Chef Felix Hufeld now to the issues of the financial Committee of the Bundestag, the EU Commission is looking at the thing.

“The Bafin and the frep played blind man’s buff, while Wirecard created probably a criminal Ponzi scheme,” said financial politicians Fabio De Masi (The Left). The DPR is an Alibi event. However, the Bafin have slept in spite of many warnings””, and could not shirk the responsibility. Danyal Bayaz from the Green said the supervisors needed urgently professionals had sufficient skills. Not to count the Victims of the break-down of the payment service provider, only 15 banks that have lent Wirecard, a total of around 1.75 billion euros. Also, the promotional Bank KfW had familiar Wirecard CEO Markus Braun. The privately organized daughter Ipex-Bank had granted Wirecard in September of 2018, a 100 million Euro line of credit, and this in September 2019 be extended. A KfW spokesman confirmed a report of the Börsen-Zeitung. Accordingly, the line has been drawn in full. No hedging transactions had been made, so now the total loss is imminent. This is now ultimately at the expense of the tax payer, as the KfW, together with its subsidiary, a state-owned Bank. Actually, it is the task of the KfW to promote business, the business banks not want to Finance or can. Their subsidiary, Ipex, is financed by the German export economy, where it usually goes to flagship projects such as power plants or airports.

The line of credit to Wirecard was apparently in reference to the “worldwide operations” of the company. This week should also be clear how to do it with the Bank of Wirecard further, which belongs to the group but not yet files for bankruptcy. After SZ-Information is to say the Bafin, probably in the next few days, a so-called “Moratorium”, which the Bank also belongs to the account-App Boon, no payments to and more make. Then assume, as usual, the protection of deposits of private banks the control over the Institute. After SZInformation is not to compensate for the private banks, the Bank then probably, but in the insolvency send. The customers of the Wirecard Bank are, however, compensated by the securing device. According to Börsen-Zeitung around 590 million Euro deposits fell about a week before the bankruptcy petition of the mother under the voluntary Deposit guarantee and 78 million under the statutory Deposit protection scheme. How much of it is flown down, is not known to the public. Neither the banking Association nor the Bafin wanted to comment on this.