A dispute is brewing in Berlin over the old funds from the national bank levy for the restructuring fund set up after the financial crisis.

This includes 2.3 billion euros that were saved by the banking industry between 2011 and 2014 for rescue measures by the Financial Market Stabilization Agency (FMSA), which was founded after the financial crisis.

After that, the Restructuring Fund (RSF) was replaced by the EU Resolution Fund (SRF).

Since then, European banks have paid an annual contribution to the SRF.

Markus Fruehauf

Editor in Business.

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The German banking industry, the umbrella organization of banks and savings banks, is now demanding relief from the funds in the national rescue fund.

These are to be used for the outstanding payments by German institutions to the SRF.

This currently amounts to 66 billion euros and is expected to reach 80 billion euros by the end of 2023.

This year, the German banks will spend 3.37 billion euros on this.

The Finanzwende citizens' movement, founded by the former Greens financial politician Gerhard Schick, wants to use the 2.3 billion euros from the RSF to cover the losses from the bank bailouts.

These amount to 22.8 billion euros and consist primarily of losses in the value of the Commerzbank stake and the support measures for the liquidated Hypo Real Estate (HRE).

decision after the summer break

The Bundestag will make a decision on the RSF after the summer break.

By then, Federal Finance Minister Christian Lindner must draw up a proposal.

In a report commissioned by his ministry, Professor Ekkehart Reimer and his academic assistant Andela Milutinovic from the Institute for Finance and Tax Law at Heidelberg University came to the conclusion that the institutes had no right to payment of the remaining funds from the RSF.

The two lawyers then also fear problems in the context of EU state aid law.

In the report available to the FAZ, they instead consider repaying part of the old debts of the financial market stabilization fund (Soffin).

Michael Peters, financial market expert from Finanzwende, also advocates such use: “Christian Lindner must use the funds to reduce the costs of the bank bailouts.

Anything else cannot be justified, especially in times of crisis and in view of the tense budget situation," he says in an interview with the FAZ. He prefers the possibility of the banks at least sharing some of the costs of the financial crisis.

In his view, the Minister of Finance must seize this opportunity and act in the interest of the taxpayer.

Of course, the banks see things differently: "The so-called old funds from the national bank levy, which was levied before the introduction of the European levy, could give banks more scope to grant loans to companies," says Christian Ossig, Managing Director of the Association of German Banks. who is in charge of the German banking industry this year.

This possibility is expressly granted to the European member states - which is why the legislature should now create the conditions for using it.

“The funds released could then be used for the expected increase in demand for short-term loans.

The use of old funds would be an effective contribution to strengthening the German economy,” Ossig advertises.