This second-largest savings bank in Germany fell into the red as a result of irresponsible business policies from 2008 onward. Among other things, the chairman of the board approved large loans to an opaque TV studio operator, bypassing essential banking imperatives. Other decisions were also taken that were peculiar to the behavior of the Cologne cliques (a dense network of reciprocal favors within the circle of influential people that is hardly perceptible from the outside and often enough leads to sheer corruption through favors and tricks in breach of duty) and in the end were highly loss-making. The institute had to be provided with fresh capital. This triggered proceedings for illegal state aid by the Commission in Brussels (EU state aid proceedings). – See Supervisory Board member, expertise, Nord-Ostsee Sparkasse. – Cf. 2010 Annual Report of BaFin, p. 157 (restructuring measures until 2014).
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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
E-mail address: info@ekrah.com
https://de.wikipedia.org/wiki/Gerhard_Ernst_Merk
https://www.jung-stilling-gesellschaft.de/merk/
https://www.gerhardmerk.de/