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Even a wise man stumbles. State-owned German development bank KfW made a fatal mistake

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Even a wise man stumbles. State-owned German development bank KfW made a fatal mistake
March 27
08:00 2017

Bloomberg reported on an annoying slip of the state-owned German development bank. The fact is that KfW mistakenly transferred 5.4 billion US dollars to four banks. The bank’s management does not plead the guilty, citing technical failures. The bank also claims that the huge amount of money transferred as a result of the mistake was returned to the sender.

The curiosity of the situation is in the fact that 9 years ago a similar incident happened in the same bank. The situation was widely covered by the press. Persnickety journalists baptized the state-owned German development bank KfW “the most stupid bank in Germany.”

Last time, the situation was burdened with the fact that funds in the amount of 300 million euros from the KfW accounts were transferred to the accounts of Lehman Brothers bank. That bank declared itself bankrupt a couple of hours before the incident that complicated the process of return and caused a huge resonance in the press.

 

The material was prepared with the participation of Inna Dobrinina,
a leading analyst of the brokerage company VOSPARI.

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