Report: position of the Bafin President is strengthened

Banking
Banking
The financial supervisory authority Bafin is likely to emerge stronger from the Wirecard scandal.

The Federal Ministry of Finance will equip the agency with additional instruments and resources and give the President's voice more weight in the six-member management body, reports the "Manager Magazin". Felix Hufeld is currently the head of the authority - but he does not have full authority on factual issues.

Resolutions, for example on the Bafin budget, have so far had to be passed unanimously. Such inefficient processes must be eliminated, according to the magazine from circles familiar with the reform plans. The authority should also get two more departments. A new unit is to be created within banking supervision, which will specifically take care of young institutions. At the same time, a kind of reaction force is to be created within the Bafin, for example to carry out quick on-site inspections at a bank. The authority will be more powerful in the future, it was said in government circles. The Bafin had come under fire in the course of the Wirecard scandal because, despite numerous reports, it had failed to uncover the affair.