Germany: Bafin stripped of watchdog remit

[yoganmahew]

ftalphaville.ft.com/blog/2009/10 … regulator/

Bundesbank to be sole regulator
Posted by Gwen Robinson on Oct 09 04:53.

Germany’s new government will appoint the Bundesbank, the German central bank, as sole regulator for banks and strip Bafin, the financial market watchdog, of its banking remit, officials said on Thursday. The decision to abolish Germany’s two-headed bank supervisory system was made on Wednesday night by leaders of the CDU, the party of Angela Merkel, the chancellor, and the Free Democratic party amid negotiations to hammer out policies and appoint a new cabinet.