05.10.2022

Deutsche Bank in the U.S. failed the stress test of fed

Assessment of the Central Bank USA, a subsidiary of DB in strategic planning and internal workflow is not well prepared for crises.Germany’s largest Bank Deutsche Bank (DB) has failed in the U.S. the second part of the stress test conducted by the American Federal reserve system (FRS), which performs in the country functions of the Central Bank. About it reported in a press release from the Federal Agency, released on Thursday, June 28, after the close of United States trading.

As indicated in the document DB in the strategic planning and internal workflow is insufficiently prepared for crisis situations.

The fed found “widespread and serious deficiencies” in all planning models capital Bank, data processing, forecasting profits and losses and recommended that the financial institution to list “significant investment” on the reform of existing mechanisms.

Reserves capital in case of recession

The first part of the stress test, the results of which were published a week ago, Deutsche Bank, however, was successful. At that stage estimated reserves of capital in case of recession.

As noted by the AFP news Agency, this year a subsidiary of DB in the US – the only one of the 35 proven fed banks passed the stress test.

In mid June, the Department of financial services (DFS) of the state of new York has fined Deutsche Bank at 205 million dollars (around 177 million euros). The reason was “violating the laws, unsafe and unreasonable conduct” in foreign exchange transactions.

In particular, from 2007 to 2013 the number of Bank staff in online chat “exchanged confidential information, and discussed the coordination of trading activities and tried to manipulate exchange rates”, the statement reads. The objective of such action was “the desire to reduce competition and to increase its profits”, say representatives of DFS.

The Committee of the Bundestag approved the draft budget for 2018

The budget estimate provides for expenditure of Germany this year in the amount of 343,6 billion euros. The balance is expected to be zero. Income from tax revenues will be about € 321.3 PSM billion euros.The Committee of the Bundestag budget Committee approved on Thursday night, 28 June, the draft Federal budget for 2018 presented by the Finance Minister of Germany Solcom Olaf (Olaf Scholz). The deputies approved the expenditure for a total amount of 343,6 billion euros, which is 3.9 percent more than last year. In the previous version of the document the figure was approved at the level of 341 billion euros.

The final balance is zero, the income from tax revenues is expected to amount to € 321.3 PSM billion euros.

The expert of the CDU/CSU in the Bundestag on the budget policy of Rehberg Eckhardt (Eckhardt Rehberg) welcomed the increase in investment by 2.8 billion euros to 39.8 billion euros.

Bloating of defense spending

In turn, the expert of “green” Sven-Christian Kindler (Sven-Christian Kindler) harshly criticized the increase of the defense budget by 20 billion euros compared to 2017 (this article till the end of the current legislature period in 2021) and blamed the Ministry of Finance in the “large swelling” of military spending. In the same period the cost of financing the activities of the German foreign Ministry and the Ministry for economic cooperation and development will be reduced by 580 million euros. “This is a devastating strategy of setting priorities that will make the world less safe,” said Kindler.

Earlier, the Minister of defence of Germany Ursula von der Leyen (Ursula von der Leyen) has asked until the end of 2021 to allocate to the armed forces of Germany – Bundeswehr – 15 million euros more than foreseen in the budget of Finance Minister Olaf Scholz (Olaf Scholz). Additional appropriations are required primarily to cover expenses for the purchase of arms, control and maintenance of equipment and personnel.

Austria will hold large-scale exercises on the occasion of the closing of borders within the EU

The teachings of the law enforcement, military and police formations of the new Puma will be on the border of Austria and Slovenia.Vienna will hold a June 26 large-scale exercises of law enforcement, the military and a new police force border guard Puma. On this Austrian Vice-Chancellor and Minister for civil service Affairs and sports Heinz-Christian strache said in an interview with newspaper Bild published on Tuesday, June 26.

The exercises will take place on the border of Austria and Slovenia. “We want to prepare for all possible scenarios and to send a clear signal that the loss of control and a mechanical” pass through the checkpoint, as in 2015, will no longer be said strache, a member of the Austrian right populist freedom party.

According to him, the reason for this step “was a debate about closing borders within the EU, caused by Germany, as well as what is happening on the “Balkan route”. Although officially it closed, in fact, the smugglers continue to earn large sums of money to smuggle refugees.

Chancellor Sebastian Kurz Bild also reported that Austria is ready “to do everything necessary to protect its borders.”

In the composition of units of the border guard Puma – about 600 units of personnel. They are included in the structure of the Austrian Ministry of the interior.

Leave a Reply

Your email address will not be published.