Fintech

Wirecard shows financial flaw in Germany’s system

Wirecard benefited from the obvious hands-off approach of German regulatory authorities, which prompted the head of the banking watchdog BaFin to admit that 'a whole range of public and private entities including [his] own' hadn’t been effective enough

Thursday 25 June 2020 at 15:25

A few days ago, when even German politicians and regulators could no longer ignore the size of the Wirecard debacle (€1.9bn or $2.1bn for now, and still counting ...) the country’s economy minister Peter Altmaier, while expressing shock (shock ...) at the scandal, also voiced his fears about the “reputation of Germany as a banking centre.”

To which a reasonable reply would be: What reputation?