Greater amount of red tape since setting up of BaFin
Most of Germany’s banks are satisfied with the country’s system of financial sector supervision. Many banks do, however, criticize the lack of accountability arising from the division of responsibilities between the Deutsche Bundesbank and the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin – Germany’s Federal Agency for the Supervision of Financial Services).
A further point of criticism is, according to an overwhelming majority of the banks, that the amount of bureaucracy-caused expenditure has increased since BaFin was set up. These are the results of a study commissioned by Germany’s federal ministry of finance and assessing the supervision of the country’s banking sector. The study was carried out by DIW (the German Institute for Economic Research).
The full-length study goes by the name “Evaluation of the supervision of Germany’s banking sectors and compilation of a report on the investigation’s findings (Report on the findings on the supervision of banks)” and is available here (in German).
The full-length study goes by the name “Evaluation of the supervision of Germany’s banking sectors and compilation of a report on the investigation’s findings (Report on the findings on the supervision of banks)” and is available here (in German).