Read the signs, crisis far from over
CEO of DB strictly ruled out taken government money throughout the whole crisis so far
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First announcement in the morning, March 24, 2009
Deutsche Bank (DBKGn.DE) will return to profit this year if the global economy, financial markets and the regulatory environment develop as expected, the bank's Chief Executive said on Tuesday."I am pleased to report that we have made a good start to 2009," Josef Ackermann told shareholders in the company's annual report, adding the German flagship bank's business model remained valid.He said he expected the industry to face significant challenges this year, but that there was a good chance that the banking industry would recover at least partially in 2010.
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Second news in the afternoon, 24.03.2009 17:17
Deutsche Bank Can't Rule Out SoFFin Use If Mkts Worsen More
FRANKFURT (Dow Jones)--Deutsche Bank AG (DB) Tuesday said it can't entirely rule out tapping the German government's financial markets stabilization fund if market conditions worsen further.
"Our senior management has stated that it currently doesn't intend to participate in the program of the Financial Market Stabilization Fund. However, further deterioration in market conditions or the competitive environment might require a change of such (an) intention," Deutsche Bank said in its annual report, published Tuesday.
Germany's EUR500 billion financial markets stabilization fund SoFFin provides capital and state guarantees, which are tied to the issuance of state-guaranteed bonds.
Earlier Tuesday, Chief Executive Josef Ackermann, in a letter to shareholders published Tuesday along with the bank's annual report, said that Deutsche Bank doesn't need fresh capital as its 2009 funding requirements are lower than in 2007 or 2008, and it could return to profitability this year, despite a still challenging market.
