The Left inquires about the Signa bankruptcy
(hib) Berlin. The Left parliamentary group in the Bundestag has submitted a small inquiry to the federal government regarding the insolvency of the Signa banking house. This was announced by Fabio De Masi, financial policy spokesman for the Left parliamentary group, on Tuesday in Berlin. The request has not yet been published by the Bundestag.
Signa filed for insolvency on November 21. According to its own information, the bank has assets of 4.9 billion euros and liabilities of 5.7 billion euros. A good billion euros are therefore missing. The bank’s losses had already been estimated at two billion euros in September. The Federal Financial Supervisory Authority (BaFin) had ordered an audit in the summer.
De Masi said it was “scandalous” that a large bank in the euro zone was allowed to go bankrupt. “The Bundesbank and BaFin obviously neglected their supervisory duties,” he criticized. The central bank had approved the acquisition of Signa by the US investor Ripplewood in 2018.
In the request, the Left asked, among other things, how the Bundesbank assessed the granting of the banking license to Signa. The MPs also want to know whether the Financial Stability Board, which is responsible for monitoring the financial system, had been informed of the problems at Signa.
The Left also wants to know what impact the Signa collapse will have on the euro zone financial system. Signa, which employed 1,100 people, was considered the eighth-largest bank in Austria. The European Central Bank (ECB) has imposed a moratorium on Signa. This means that the bank cannot make any payments for the time being. A bankruptcy administrator has been appointed.
Die Linke fragt nach Signa-Pleite
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Kurzmeldungen (hib) a new article on 2024-12-06 14:52 titled “Die Linke fragt nach Signa-Pleite”. Please write a detailed article on this news item, including any relevant information. Answers should be in English.
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