May 12, 2020 / 7:34 AM / 17 days ago

Germany's BaFin worried about default impact on banks amid crisis

FRANKFURT, May 12 (Reuters) - Germany’s financial watchdog is worried about possible defaults in the wake of the coronavirus outbreak but said that the nation’s banks had what it takes to get through the crisis, “albeit with some wounds”.

Felix Hufeld, the president of Germany’s BaFin, said on Tuesday that from today’s point of view, there is not a risk of a systemic financial crisis but that he was working with the banks on possible scenarios for defaults by their clients.

“We are in crisis mode,” Hufeld said.

Reporting by Tom Sims Editing by Riham Alkousaa

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