FILE PHOTO – A stele with the inscription “Deutsche Bundesbank Eurosystem” stands in front of the headquarters of the German Central Bank. (is associated with: «Germany’s Bundesbank closes employee current and investment accounts») Arne Dedert/dpa
Germany’s central bank, the Bundesbank, is discontinuing free current and investment accounts for its staff and pensioners.
The Handelsblatt business newspaper reported on Wednesday that a conciliation committee set up internally by the executive board has approved the cost-cutting measure.
The central bank confirmed the move when asked. “We can confirm that the Bundesbank has decided to discontinue the provision of staff accounts,” a spokeswoman said.
Bundesbank employees have traditionally been entitled to a free current account and a securities account. This entitlement applies for life, even in retirement. Many of those affected have long since retired. Around 21,000 accounts are affected.
According to the report, the accounts no longer meet current standards and are in urgent need of modernization. According to Handelsblatt, in 2024 Bundesbank President Joachim Nagel had estimated the cost of modernization at a substantial sum in the tens of millions.
Internally, the move has been met with sharp criticism, and it was reported that the Bundesbank’s leadership had refused to hold “discussions aimed at finding a mutually agreed and self-determined solution” regarding the staff accounts.
According to the Handelsblatt report, the closures are set to take effect by the end of a transition period in mid-2029 at the latest. Meanwhile, the Bundesbank is seeking “partnership offers” from commercial banks and is expected to present these to the account holders.