News

The President of UNI Finance affiliate Vereinten Dienstleistungsgewerkschaft (ver.di) Frank Bsirske considers that that the government's bad-bank-model did not address essential questions. He demands full transparency on toxic assests in banks' balance sheets. All banks should be forced to undertake a "stress test" under government control.



He also favours a European solution, considering that financial markets operate internally.



"UNI Finance supports ver.di's position," says Oliver Roethig, Head of UNI Finance. "Already in September we demanded that regulators force banks and insurance companies to be transparent about all their liabilities. A piecemeal approach brings us only closer to the abyss. It beggars belief that after more than one year of crisis, still nobody can say who owes what to whom."



"For the unions, it is clear that state aid should be provided based on normal market terms. In a market economy, losses must be born by shareholders and investors."



For the full article in German, see related articles.