Home Business German state bank KfW accidentally transferred € 7.6 bn

German state bank KfW accidentally transferred € 7.6 bn

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German state bank Kfw accidentally transferred €7.6 billion to four other banks but got the money back, incurring costs of €25,000, executive board member Guenther Braeunig said on Wednesday.

The money was transferred in February due to a glitch in the bank’s information technology and was reminiscent of an incident in 2008 when KfW transferred €350 million to Lehman Brothers on the day of its bankruptcy, suffering heavy losses.

KfW is currently renewing its IT, a process which will be concluded by 2018.

Separately, the state development bank said it posted a flat net profit of €2 billion in 2016, while granting € 81 billion in state money for student loans, energy-efficient refurbishment subsidies to start-up funding.

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