The decline of Deutsche Bank may be grabbing the headlines, but the woes of German banking run far deeper. Low interest rates and tighter regulation are hurting all the private-sector banks. That simply adds to concerns that Germany’s banks cannot, or perhaps in politicians’ eyes should not, be profit-hungry institutions. But are the statebacked banks that still dominate German banking reaching a limit on their ability to fund themselves? And does that mean that the famed three-pillar system is heading for disaster?
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