The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Your secret’s unsafe with us

Ackermann and Rampl: "shhh...don't
tell anyone about the bad bank idea"

Germany's banking elite struggles to keep a secret, it seems. Confidential talks between executives from the country's largest banks and government officials wound up being anything but.

Senior figures, including chancellor Gerhard Schröder and Josef Ackermann, CEO of Deutsche Bank, huddled in Frankfurt to debate how to solve the financial system's impending crisis. The next day, news broke of plans to create a government-sponsored "bad bank".

Reports said Ackermann feels Germany needs a bad bank into which the other banks can offload non-performing loans. He said Deutsche had no interest in participating, which is interesting given its e1.7 billion of loan-losses in 2002.

Sources close to Ackermann say his comments have been taken out of context. "The banks met for a brainstorming session and Joe made the point that in certain extreme scenarios a bad bank has worked in other countries," says one. "The government took that on board as an interesting possibility."

It isn't clear who shared that view, but Euromoney bets that Dieter Rampl, HypoVereinsbank CEO, is among the supporters after his bank's e821 million loss last year.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree