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Germany discreetly lobbying for Deutsche Bank in US


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Germany discreetly lobbying for Deutsche Bank in US

The German government is discreetly lobbying Americanauthorities in a bid to help Deutsche Bank AG quickly secure a settlement on allegations of missellingRMBS in the U.S., Reuters reported, citing government officials in Berlin.

Germany has insisted that it will not step in to helpDeutsche Bank resolve its issue with the U.S. Department of Justice, saying thelender can work out a deal on itsown. However, with general elections slated for 2017, thegovernment is keen to see the matter resolved quickly to give Deutsche Banktime to regain trust and quash doubts on whether the state would rescue thebank if necessary, according to the Oct. 5 report.

"Rescuing Deutsche Bank would not be popular," asenior German government official told the newswire. "No government in theworld … wants to have to save banks before an election. But I don't believe thiswill be necessary."

German Finance Minister Wolfgang Schäuble has no plans tomeet with DOJ officials during a trip to Washington, D.C., in the week of Oct.3, a source told Reuters, but noted: "You can hold talks. It doesn't haveto be the minister."

The DOJ is seeking $14 billion from Deutsche Bank to resolve theallegations.