Keyword: bundesbank

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  • German Federal Bank wants to raise retirement age to 69

    08/15/2016 8:46:16 AM PDT · by Olog-hai · 41 replies
    TheLocal.de ^ | 15 Aug 2016 16:28 GMT+02:00 | (DPA/The Local)
    As Germans live longer and lower birth rates mean fewer workers are available to replace retirees, the Bundesbank says people will need to work longer in order to meet pension demands. The German Federal Bank (Bundesbank) said in its monthly report on Monday that by 2060 Germany should increase the retirement age to 69 from the current 65. The retirement age is already set to reach 67 by 2030, but the Bundesbank said that even with the current favorable financial situation and this increase, “further adjustments are inevitable”. “At the same time, a longer working life will not be taboo,”...
  • Bundesbank chief: Brexit is ‘political crisis’

    07/05/2016 12:59:28 AM PDT · by Olog-hai · 4 replies
    EurActiv ^ | Jul 4, 2016 | By Saskia Littmann | WirtschaftsWoche | Translated By Samuel Morgan
    The UK’s decision to leave is already being felt in mainland Europe; the German economy has been hit by the result as well, the president of Germany’s central bank told EurActiv’s partner WirtschaftsWoche. Jens Weidmann, the president of Deutsche Bundesbank, said that he was very disappointed with the result of the 23 June referendum. “This decision is very unfortunate and is, in my view, a mistake,” Weidmann said at a speech made in Munich. However, like most high-profile figures commenting on the result, he urged the decision to be respected and dealt with. The banking chief also said that the...
  • Germany repatriates more gold: Bundesbank

    01/20/2015 12:01:25 AM PST · by Olog-hai · 8 replies
    The German central bank, or Bundesbank, said Monday that it stepped up the repatriation of its gold reserves from overseas storage last year. “The Bundesbank successfully continued and further stepped up its transfers of gold,” the central bank said in a statement. “In 2014, 120 tonnes of gold were transferred to Frankfurt from storage locations abroad: 35 tonnes from Paris and 85 tonnes from New York.” Germany’s gold reserves are the second-biggest in the world after those of the United States and totaled 3,384.2 tonnes this month, according to the latest data compiled by the World Gold Council. …
  • Buba explains why US only gave Germany back 5 tonnes of gold

    12/10/2014 10:38:41 AM PST · by george76 · 75 replies
    MINING ^ | February 24, 2014 | Frik Els
    On January 16, 2013 Germany's central bank, the Bundesbank, said it will ship back home all 374 tonnes it had stored with the Banque de France in Paris, as well as 300 tonnes held in Manhattan by the US Federal Reserve, by 2020. Fast forward a year and Buba, as the Federal Bank of Germany is affectionately (or maybe not) known, has only managed to bring home a paltry 37 tonnes of gold. And a mere 5 tonnes of that came from the US, the rest from Paris. The US Fed holds 45% of the total 3,396 tonnes German gold....
  • Investors buy German debt at negative rates

    09/17/2014 12:06:48 PM PDT · by Olog-hai · 14 replies
    Associated Press ^ | Sep 17, 2014 1:15 PM EDT | David McHugh
    Investors have bought billions of euros in German treasury notes that pay negative interest—meaning the purchasers agreed to pay a small fee for the privilege of lending the German government their money. […] Germany auctioned €3.34 billion ($4.3 billion) Wednesday in two-year notes at an average yield of minus 0.07 percent. Rates are very low all over, and German debt is considered ultra-safe, so security-minded investors are paying for safety. Expectation the European Central Bank will buy bonds has also driven down yields, which move opposite to prices. And the small negative yield on the notes is still a better...
  • Bundesbank chief urges Britain not to quit European Union

    07/26/2014 8:11:26 AM PDT · by Olog-hai · 17 replies
    Reuters ^ | Wed Jul 23, 2014 3:30pm EDT | Marc Jones
    The head of the Bundesbank appealed to Britain on Wednesday to stay in the European Union, saying membership of the bloc had given the country an economic lift and posed little threat to London. In a speech to business people and bankers in central London, Jens Weidmann broke the central bank’s traditional silence on political questions, saying the European Union would benefit if Britain “continues to make its voice heard”. “The EU is stronger today because of Britain’s contribution to it,” Weidmann said, adding that the country’s trade with EU neighbors had been boosted by more than half because of...
  • Bundesbank to pull gold from New York and Paris in watershed moment

    01/15/2013 9:23:43 PM PST · by JerseyanExile · 99 replies
    The Telegraph ^ | January 15, 2012 | Ambrose Evans-Pritchard
    Germany’s Bundesbank is to repatriate gold reserves held abroad to tighten control and combat currency crises in the future, pulling a chunk of its holdings from New York and all its bullion from Paris. The move marks an extraodinary breakdown in trust between leading central banks and has set off ferment among gold enthusiasts, with some comparing it with France’s withdrawal of gold from the US under President Charles de Gaulle as the Bretton Woods currency system crumbled in the early 1970s. Handelsblatt said the Bundesbank will announce on Wednesday that it intends to relocate the gold to vaults in...
  • Eurozone bail-out: holes emerge in the 'grand solution’ to solve EU debt crisis

    10/27/2011 4:25:17 PM PDT · by mojito · 7 replies
    The Telegraph ^ | 10/27/2011 | Bruno Waterfield
    A trillion euro bail-out to save the EU’s single currency is in danger of unravelling after Germany’s central bank warned that the rescue measure was too dependent on the high-risk deals that caused the economic crisis. Hours after an all-night summit of euro governments ended, flaws began to emerge in a package that was billed as a “grand and comprehensive” solution to the European debt crisis. The concerns were led by Germany’s powerful central bank, which expressed fears that a plan to leverage a €440 billion eurozone rescue fund to amass a “fire power” of €1 trillion, or £880 billion, resembled the risky...
  • ECB risks its reputation and a German backlash over mass bond purchases

    05/11/2010 11:13:42 AM PDT · by george76 · 17 replies · 504+ views
    Telegraph ^ | 11 May 2010 | Ambrose Evans-Pritchard
    The European Central Bank risks irreparable damage to its reputation by agreeing to the mass purchases of southern European bonds in defiance of the German Bundesbank and apparently under orders from EU leaders. the two German members of the ECB's council voted against the move, a revelation that may cause a catastrophic political backlash in Germany. Axel Weber, ultra-hawkish head of the Bundesbank, told Boersen-Zeitung that the emergency move over the weekend had been a mistake. "The purchase of government bonds poses significant stability risks and that's why I'm critical of this part of the ECB's council's decision, even in...