German state bank KfW accidentally transferred €7.6bn
Bank previously transferred €350 million to Lehman Brothers on day of its bankruptcy
The money was transferred in February due to a glitch in the bank’s information technology.
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. – (Reuters)