The German Finance Ministry has come out and denied press speculation that plans were being made to reorganise the country’s Landesbanks.
The Financial Times Deutschland had reported Wednesday that the government was planning a reorganisation of the Landesbanks.
Finance Ministry spokesman Torsteb Albig says “there are no such plans” adding “it is not in the federal government’s power to remodel the Landesbanks.”
EUR/USD sits at 1.3200, holding up well on the day. Technical resistance at 1.3210/20 and 1.3240.