Merkel ally tipped as Germany's next top banking watchdog

By Kitco News / February 13, 2018 / www.kitco.com / Article Link

FRANKFURT, Feb 13 (Reuters) - A European parliamentarian from Chancellor Angela Merkel's centre-right Christian Democratic Union (CDU) is leading the race for a job as one of Germany's top banking supervisors, Manager Magazin reported on Tuesday.

Burkhard Balz is the favourite to replace Andreas Dombret, the Bundesbank's board member in charge of overseeing banks, when he steps down in April, the magazine said on its website.

The Bundesbank declined to comment on the report.

Balz told Reuters he would feel honoured if his name were to be associated with the role.

A member of the European Parliament since 2009, Balz was proposed for the role by the government of his regional state, Niedersachsen, where his party governs in coalition with the Social Democrats.

The Bundesbank and financial watchdog Bafin are jointly responsible for supervising Europe's biggest financial sector, marred in recent years by trouble at Germany's top lender Deutsche Bank and by unpaid loans in the shipping sector.

Carl-Ludwig Thiele, the Bundesbank board member in charge of payment systems, is also scheduled to step down in April.


(Reporting By Frank Siebelt; Writing by Francesco Canepa; Editing by Gareth Jones)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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