Commerzbank AG (CRZBY)

[56Chevy]

German banks face new write-offs, may need more capital - report

BERLIN | Sun Jul 28, 2013 3:51pm BST

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Germany's BaFin financial regulator has urged lenders to iron out problems on their balance sheets and carry out further write-offs of their shipping exposures, the magazine said.

Results of scrutinizing banks' shipping portfolios have shown the need for further examination "in particular cases," Der Spiegel said, without being more specific.

Der Spiegel said the prolonged shipping downturn continued to be a constraint on some German banks active in lending to the industry including Commerzbank (CBKG.DE), HSH Nordbank HSH.UL and NordLB NDLG.UL.

Developments in the shipping industry will remain a key credit rating driver.

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http://uk.reuters.com/article/2013/07/28/uk-germany-banks-capital-idUKBRE96R07A20130728