Fee dispute BGH ruling costs banks millions

As of: 06/17/2021 3:40 p.m.

Deutsche Bank and Commerzbank have to set up provisions in the three-digit million range because of the BGH’s fee ruling. Savings banks and Volksbanks do not provide any information. The decision of the Federal Court of Justice (BGH) on possible fee reclaims from bank customers is costing the industry millions. Commerzbank expects charges “in the mid double-digit million range”, which are to be booked in the second quarter of 2021, said the CFO of the Frankfurt group, Bettina Orlopp. The ruling is also likely to have an impact on earnings. However, the bank is sticking to the forecast for 2021 of income above the previous year’s level. Thanks to the income from the IPO of the US startup Marqeta, Commerzbank will be able to offset the burden of the BGH ruling, Orlopp said. The second largest German commercial bank has held a stake in the US company since 2015. The amount of their current share is not known.

Deutsche Bank speaks of 300 million euros

Last week, Deutsche Bank was the first institute to issue an estimate of the possible burdens from the BGH ruling. CFO James von Moltke spoke of a total of around 300 million euros. The bank therefore wants to set aside a provision of 100 million euros in the second quarter for possible customer claims. In addition, the institute expects earnings losses of around 100 million euros each in the second and third quarters.

Von Moltke admitted that the Karlsruhe judges’ verdict caught the banking industry off guard. The burdens and yield losses are only temporary. By the fourth quarter, Deutsche Bank will have found solutions to how it can implement fee increases in accordance with the new rules.

BaFin is sounding the alarm

Savings banks and Volksbanks are holding back with statements about possible charges and provisions. A spokesman for the savings bank association DSGV wanted to respond to the request of tagesschau.de do not comment on the subject. A spokeswoman for the largest German savings bank, the Hamburger Sparkasse, said that there had been very few inquiries from customers about the BGH ruling. Therefore, she could not give any information on possible burdens.

The financial supervisory authority BaFin expects the ruling to have serious consequences for the entire industry. “That has the potential to become really expensive for banks. We would not rule out the possibility of half of the annual surplus being in the order of magnitude, which can stand in the fire,” said interim chief Raimund Röseler in mid-May.

Unclear number of reimbursement requests

However, it is still unclear how many customers actually request the reimbursement of previous fee increases. they have to become active themselves. Industry observers also assume that the financial institutions will examine each application individually, so there will be no flat-rate reimbursement.

At the end of April, the Karlsruhe judges decided in proceedings involving the Deutsche Bank subsidiary Postbank that banks must obtain the consent of their customers in the event of changes to general terms and conditions. The clause according to which financial institutions can assume tacit approval if customers do not object to a change within two months, disadvantageous customers inappropriately. Ref .: XI ZR 26/20

Photo: The Verge SpaceX’s satellite internet network team Starlink is in talks with “several” airlines to implement allowing users to access the internet on their flights. The project’s vice president said during a conference on Wednesday (June 9) that the company is continuously developing, expanding bandwidth to serve commercial projects later this year. “We’re in talks with a number of airlines,” said Jonathan Hofeller, vice president of SpaceX. “We are developing our own airline service… we have done a number of tests so far and are looking to perfect those products to put on flights in the very near future.” SpaceX began piloting the Starlink satellite in 2018 to address the global scarcity of broadband internet connections, especially in rural areas where fiber optic connections are often unavailable. Under the trial plan, Starlink customers will pay a one-time fee of $499 for a package that includes a Wi-Fi router, self-regulating Starlink pan, and $99 per month for monthly internet services thereafter. Since its first launch, the company has launched nearly 1,800 Starlink satellites out of the 4,400 it estimates it will need for global coverage. Last year, SpaceX submitted plans to test Starlink on five Gulfstream jets. In March, SpaceX also negotiated with the FCC (Federal Communications Commission) to apply Starlink technology on all popular vehicles from trucks, marine ships to airplanes. Elon Musk made it clear on Twitter at the time: “We do not connect Tesla cars to Starlink, because our terminal is too big, This controller is only for airplanes, ships, big trucks “. Starlink’s satellites are in low Earth orbit, lower than the geostationary orbit of the larger satellites that currently provide Internet services to commercial aircraft. It is the technology that makes airlines choose to cooperate with Starlink over other competitors. However, the same technology is now being used by a range of competitors. Amazon recently announced plans for 3,000 of its own low-orbit satellites, and the UK’s OneWeb has also launched 182 of the roughly 640 planned satellites. Competitors to Starlink with plans to commercialize the aircraft are Intelsat and ViaSa, which operate satellite networks in geostationary orbit. ViaSat recently announced plans to use its next-generation satellite network on Delta’s main fleet. The California-based company is planning a low-orbit network of 300 satellites that will begin launching early next year. According to experts, Viasat will be a stiff competitor to SpaceX in the future.

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Illustration. (Source: congan.com.vn) Prime Minister has just issued Official Letter No.683/TTg-KGVX on extending the implementation time of the Project according to Decision No. 1984/QD-TTg dated October 31, 2014 of the Prime Minister. The Prime Minister agreed with the proposal of Ministry of Information and Communications on continuing to implement the “Project on provision of radio and television services via the Internet for overseas Vietnamese in the period 2015-2020” until the end of 2021. The Prime Minister assigned the Ministry of Information and Communications to urgently collect opinions from ministries and agencies, complete the Project for the period 2021-2025; in which, attention must be paid to ensuring efficiency and compliance with the law, especially on copyright, to meet the requirements and tasks of external information; report to the Prime Minister. “Project on provision of radio and television services via the Internet for overseas Vietnamese period 2015-2020″ approved by the Prime Minister in Decision No. 1984/QD-TTg dated October 31, 2014 with the goal of providing complete, timely and accurate information to the Vietnamese community in Vietnam. abroad, serving the Party and State’s external information tasks; continue to expand the radio service area, TV via the Internet in order to provide diverse, rich and high-quality television services, especially in key areas on the basis of suitability with Vietnam’s socio-economic development conditions and trends. technology development in the world. The project also aims to increase the quality, content and duration of radio and television programs over the Internet on the basis of effectively combining different Internet-based television technology solutions; ensuring an average of 0.6-1 million people access the service every day and the system is capable of serving 150,000-200,000 concurrent service users.

Illustration According to EVNCPC, on the occasion of April 30 and May 1 this year, employees are entitled to 4 days off, so the demand for electricity for daily life and service will also increase. In addition to focusing on electricity sources for political events in 13 provinces and cities in the Central and Central Highlands, EVNCPC has specifically planned to not cut off power from 0:00 to 24h00 on April 30 and May 1 to provide providing safe and continuous electricity to over 4.3 million customers in the region. Mr. Nguyen Thanh, Deputy General Director of EVNCPC, said that before the holiday, 13 power companies under EVNCPC have actively worked with local authorities to grasp the time and location of festivals, festivals, and fathers. reasonable power supply mode for safe and reliable operation of the source, the power grid under normal conditions and flexible switching in the event of an incident. In particular, the unit gives priority to ensuring electricity at the locations where political and cultural activities take place. For venues of major and important political and cultural events, in addition to the national grid, EVNCPC directs power companies to consider arranging backup d iesel generators; re-established the duty shift at 110kV substations without personnel on duty. The units strengthened the inspection, detection and timely treatment of defects of source equipment, power grids, unmanned 110 kV substations, SCADA systems, and luminescence to ensure safety of the corridor to prevent the trouble in operating the power system. During this time, the units throughout EVNCPC organize increased duty for leaders, mobile operators, operation, power repair, troubleshooting of private and copper telecommunication network systems. sufficiently prepared materials, backup equipment, fuel, communication systems and vehicles, ready to quickly handle damage and incidents. EVNCPC requires electricity companies to promote propaganda among the people to prevent kites flying near electric lines, metal-coated paper fireworks and throwing objects on the lines that cause a corridor violation. grid safety; coordinate with localities and information agencies in organizing propaganda and widely dissemination of measures to use electricity safely, economically and effectively to customers using electricity. In particular, on this occasion, the Center for Customer Care in Central Vietnam strengthened the call center force 19001909 to receive and well handle information related to the power supply in the area, promptly responding to requirements and problems of customers.

Facebook will ask questions for users to choose what content they want to display on the New Feed or not. Photo: Facebook Facebook’s current mechanism is to prioritize displaying content from related things like friends, groups, and followed pages. The content displayed on the New Feed is based on how often you engage with the content or your friend’s choice of roles to get more content. However, this doesn’t mean that all of the content they post on Facebook wants to see. Many false information, sensational and divisive content to attract users to interact to increase the ability to make money or is provocative. This new Facebook algorithm will also be changed to recognize the date from the beginning of the feed. In addition, Facebook will ask users questions about different topics and see if they want to show up. This new mechanism will help show more content that people are interested in, topics that users reply that they do not want to see will be less visible. The change to the algorithm is partly affected by the violent events at the Capitol on January 16. Facebook has failed to control and prevent provocative content on its platform. Content like this should be controlled, limited and displayed according to the needs of users on the New Feed. This trial is only for a small group and it should kick off in the next month. However, one thing is not sure whether it will be applied globally or not only gender in a survey, but it is certain that this change will give users the choice of information to be displayed. display on your New Feed.

Promote the provision of online public services According to the Ministry of Information and Communications, by the end of 2020, the average rate of level 4 service delivery nationwide is 30.86%, reaching the target of 2020. However, in order to develop e-Government towards digital government in the new phase, the provision of public services remains a top priority task. Therefore, the Ministry of Information and Communications recommends ministries continue to drastically and effectively implement solutions to achieve the goal of providing 100% of eligible public services to level 4 online in 2021. . For public services that do not qualify for online posting level 4, it is necessary to thoroughly apply technical solutions to maximize public service delivery activities on the network environment, from the submission process, receive and settle administrative procedures dossiers until the results are returned to the people and enterprises. The Ministry of Information and Communications also requested ministries and branches to assign the specialized agencies in charge of information technology of the ministries and branches to develop a plan to implement the level 4 public service delivery service, in which the following contents should be clearly shown: Target to provide 100% qualifying public services to level 4 online by 2021 month by month; A list of public services that are eligible to go online to level 4 in 2021 and a list of public services ineligible for level 4 online (with an explanation of the cause of ineligibility) should be sent to the Department. TT-TT before April 29, 2021. Every month, the ministries and branches send reports on the provision of electronic services to the Ministry of Information and Communications through the digital transformation evaluation system at: https://dti.gov.vn for synthesis. At the same time, the information collection and evaluation system and the information service (EMC System) built by the Ministry of Information and Communications when connected to the public service portal and the ministerial electronic one-door system will monitor the reality. implementation of the provision of public services by ministries and branches.