BERLIN (MNI) – The German Finance Ministry said Friday that it is
rather unlikely that beyond Greece there will be further private sector
involvement needed in the Eurozone.
The deal struck at the EU summit in Brussels will prevent an
Eurozone member state from becoming insolvent, ministry spokesman Martin
Kotthaus argued at a regular government press conference here.
The 17 members of the Eurozone and six non-euro area members early
Friday reached an agreement for an intergovernmental treaty that will
strengthen fiscals rule and the excessive deficit procedure.
Kotthaus acknowledged, though, that “as a very last possibility”
private sector involvement remains an option also in the future.
Government spokesman Georg Streiter said at the same press
conference that with the Brussels’ agreement “the crisis is not yet
solved, but the euro rests on a more stable fundament…and Europe has
proven that it is capable of acting.”
Commenting on Thursday’s estimate of the capital need of banks in
Europe, Kotthaus said that German banks will have no problems
recapitalizing themselves.
The European Banking Authority (EBA) sees a capital shortfall of
German banks of E13.1 billion, the Bundesbank said Thursday.
Six of the 13 participating banks have a need for extra capital,
the central bank said. Two thirds of the capitalisation needs are at
Commerzbank and Deutsche Bank, the Bundesbank added. Commerzbank has a
recapitalisation need of E5.3 billion and Deutsche Bank of E3.2 billion.
Moreover, the Norddeutsche Landesbank (NordLB), the Landesbank
Hessen-Thueringen (Helaba), the DZ Bank and the WestLB also have to
recapitalise, the central bank said.
Bundesbank Vice President Sabine Lautenschlaeger stressed, however,
that “the major part of the capitalisation need of Helaba and NordLB
has already been met by publicly announced capital measures.
–Berlin bureau: +49-30-22 62 05 80; email: twidder@marketnews.com
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