May 13, 2019 / 1:29 PM / 4 months ago

There should never be state guarantees for banks: German deputy FinMin

BERLIN (Reuters) - The government should never give any form of state guarantee to protect a specific bank, Deputy Finance Minister Joerg Kukies said on Monday, following failed merger talks between Germany’s two largest lenders Deutsche Bank and Commerzbank.

Speaking at a panel discussion organized by the anti-capitalist opposition party Die Linke, Kukies said recent discussions about the creation of national banking champions were dangerous as they could lead to a race to the bottom when it comes to banking regulation.

Asked to comment on media reports that he was the “mastermind” behind the merger talks between Deutsche Bank and Commerzbank, Kukies, a former Goldman Sachs banker, said: “It’s simply not true... there has been no pressure or attempts of influence from our side.”

Reporting by Michael Nienaber; Editing by Tassilo Hummel

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