FRANKFURT, March 29 German state bank Kfw
accidentally transferred 7.6 billion euros ($8.2 billion) to
four other banks but got the money back, incurring costs of
25,000 euros, executive board member Guenther Braeunig said on
The money was transferred in February due to a glitch in the
bank's information technology and was reminiscent of an incident
in 2008 when KfW transferred 350 million euros to Lehman
Brothers on the day of its bankruptcy, suffering heavy losses.
KfW is currently renewing its IT, a process which will be
concluded by 2018.
Separately, the state development bank said it posted a flat
net profit of 2 billion euros in 2016, while granting 81 billion
euros in state money for student loans, energy-efficient
refurbishment subsidies to start-up funding.
($1 = 0.9273 euros)
(Reporting by Alexander Hübner; Writing by Arno Schuetze;
Editing by Victoria Bryan)