Dhe bankruptcy application by the German payment processor Wirecard on Thursday continues to cause irritation among the approximately 15 creditor banks. From banking circles, F.A.Z. is told that Wirecards has offered lenders to extend the credit line of 1.85 billion euros that can be terminated after the auditor’s lack of attestation at the end of June until September 30.
“Then the pressure would have been out of the due dates for Wirecard,” said one of the F.A.Z. As a condition for the extended loans, the astonishingly few banking consortium merely required Wirecard to commission an appraiser who would draw up a reorganization concept by the end of September.
The bank representative called it “legend building” that Wirecard had informed the creditor banks that the group could not pay the salaries of the employees for June. Rather, Wirecard never asked for new money, but gave the impression that there was enough money.
Criticism of the Bafin
While Munich’s bare economic existence is at stake, criticism of the failure of the financial regulator Bafin in the Wirecard case is becoming more acute. The former Green Party spokesman for the Greens in the Bundestag, Gerhard Schick, who has been the head of the Citizens’ Movement on the Financial Transition since July 2018, goes tough on the Bafin. “The Bafin didn’t just do too little. Wherever it acted, it was on the wrong side: it reported those who pointed out irregularities instead of investigating the allegations thoroughly, ”he said at the request of the F.A.Z.
Schick thus reminds of the Bafin advertisement in spring 2019, among other things, against journalists from the British business newspaper “Financial Times”, who first reported on the allegations of balance sheet manipulation. Schick’s citizens’ movement proposes that large international payment service providers be supervised by the European Central Bank (ECB) in the future. So it has long been the rule at major banks.
Schick also calls for the Bafin to be completely restarted. “As was so often the case in the past, the supervisory authorities also had a wrong self-image in this case. It is always difficult to find an excuse for why one was not responsible, ”Schick recalls earlier cases, such as the collapse of the container rental company P&R, to which more than 50,000 investors had entrusted more than 3 billion euros. In this insolvency case, Michael Jaffé has also been appointed as the bankruptcy trustee.
In Schick’s opinion, the supervisory authority should make extensive use of existing inspection measures and point out gaps in the supervisory framework – and “please not only when it’s too late again”. With regard to Wirecard, he criticizes the Bafin because, in formalistic terms, it only used its respective specific responsibilities for the German bank subsidiary, instead of doing justice to the development of this large digital financial group with extensive supervision.