BERLIN (Reuters) - Germany’s financial system is stable and the troubles at Deutsche Bank are not comparable to those that afflicted Lehman Brothers in 2008, the head of Germany’s trade and wholesale association said on Tuesday.
“I‘m firmly convinced that the financial system is very stable,” Anton Boerner said during a news conference, adding that comparisons to the bankrupt U.S. Bank Lehman Brothers should not be made.
“If this was to be expected, we would see the shares at a totally different level,” he added.
Germany’s biggest bank Deutsche has seen its value halve this year amid worries it will have to raise fresh capital to pay for a string of heavy fines, including one of up to $14 billion (10.98 billion pounds) from the U.S.
Lehman Brothers was the fourth-largest investment bank in the U.S. before filing for bankruptcy in 2008, the largest in the country’s history, and it was the biggest victim of the U.S. subprime mortgage crisis that shook global financial markets.
Reporting by Rene Wagner; Writing by Michael Nienaber; Editing by Madeline Chambers