Deutsche Bank needs to reassure markets: International Monetary Fund official

Maxine SotoOct 06, 2016

"There are simply too many branches with too few deposits and too many banks with funding costs way above their peers", Peter Dattels, deputy director of the IMF's Monetary and Capital Markets Department, said in presenting the Fund's latest Global Financial Stability Report.

Minister of Finance and the Public Service, Audley Shaw, will be leading a Government delegation to Washington DC today to attend the annual meetings of the International Monetary Fund (IMF) and the World Bank Group (WB).

He added: "We are confident that the German and European authorities are monitoring the situation and working to ensure the financial system remains resilient". Among those in attendance will be Deutsche Bank's chief executive, John Cryan. Facing billions in U.S. settlement costs over its sales of toxic mortgage-backed securities, which could erode its capital foundations, Deutsche Bank this year has seen its shares fall by more than 40 percent.

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Jacob Funk Kierkegaard, a senior fellow at the Peterson Institute for International Economics, said that it would be "politically risky" for Schaeuble to try to intervene on Deutsche's behalf in the run-up to German elections in 2017.

Deutsche Bank AG (FRA:DBK) has been given a €13.92 ($15.47) target price by equities research analysts at Kepler Capital Markets in a research note issued to investors on Monday.

Weak profitability in a low-interest-rate, low-growth environment could erode European banks' buffers over time, undermining their ability to support an economic recovery and weakening stability.

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"Since the crisis, enhanced regulation and oversight have strengthened banks' capital and liquidity buffers, making them safer".

It comes days after Commerzbank, the second-biggest bank in Germany, suspended its dividend and announced more than 9,000 job losses. Combined with a cyclical recovery, they could boost the share of European banks considered "healthy" to 72% from 17% past year, the report said. "Reducing nonperforming loans and addressing capital deficiencies at weak banks is a priority", according to the report.

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