News from 2014-09-04 / Group
KfW IPEX-Bank not subject to ECB supervision
KfW IPEX-Bank is not among the banks that will be subject to European Central Bank (ECB) supervision as of November 2014. The ECB had included the 100% subsidiary of KfW in its comprehensive assessment, which has been conducted since October 2013 as a step to prepare for the single supervisory mechanism. However KfW IPEX-Bank is no longer included on the final list published today by the European Central Bank (ECB) of those banks that will be subject to its supervision.
KfW IPEX-Bank will remain under the supervision of the German Federal Financial Supervisory Authority (BaFin), as will also be the case with KfW in the future. KfW is currently preparing for the application of KWG (German Banking Act) standards under banking supervisory law as well as supervision and review by BaFin in collaboration with the Deutsche Bundesbank.
Dr Ulrich Schröder, CEO of KfW, welcomed the decision, saying "Having a uniform supervisory regime for the entire KfW Group is a sensible and efficient solution, both for KfW and for the supervisors."
Klaus R. Michalak, CEO of KfW IPEX-Bank, declared: "Since KfW IPEX-Bank was spun off of KfW in 2008, BaFin has ensured competent supervision of the bank; we have worked together closely with BaFin for years and will continue to do so. We will carry on with the ECB's comprehensive assessment together with the other banks and bring it to a close. We are confident that when the ECB publishes its results in October, it will confirm that we are optimally prepared for all scenarios."