The pinnacle of germanys monetary watchdog has declined calls to resign across scandal at wirecard, while saying that with hindsight he need to have needed prosecutors to start an investigation sooner.

Felix hufeld said at a conference on wednesday he wouldn't resign providing my nation and european countries have believe me.

The bafin employer, whose place was known as into question by some german mps, conceded we didnt look at wood for trees as well as for a long time we relied on formal devices. he said the regulator was far too late to find the so-called unlawful activity.

Wirecard collapsed into insolvency on june 25 after admitting that about 1.9bn in cash had been missing from the records. german prosecutors believe the group had been looted, with $1bn funnelled to opaque lover organizations even as the repayments team fought allegations of accounting fraudulence.

Germanys parliament on tuesday opened the full query into the matter.

Bafin has been criticised for not investigating allegations precisely and for the disclosure that its staff had been exchanging wirecard stocks briefly before it declared insolvency, increasing questions regarding potential conflicts interesting.

Just last year, bafin banned investors from betting against wirecard stocks for two months, initial these types of constraint on a person organization in german stock market history. that has been rapidly followed closely by a criminal problem against two financial times journalists that has reported whistleblower allegations about so-called fraudulence in the payments company.

Mr hufeld criticised a lack of open-mindedness among his detractors and pointed the finger of fault at wirecards auditor ey with the addition of: i dont understand any nation in the world in which economic guidance doesnt depend on the audit of general public companies. the ft reported in june that wirecards auditors in eys german office failed for at the very least 36 months to request important username and passwords from a singapore lender in which wirecard stated it had as much as 1bn in cash, a routine review treatment might have uncovered the fraud.

Weve established that 3rd functions, with a deliberate aim to deceive, offered ey with false paperwork relating to its 2019 wirecard review. the degree and elegance of the advise a large-scale international fraudulence at wirecard, ey stated at the time.

In germany, the bookkeeping and economic reporting of detailed organizations is certainly controlled by another human anatomy called the financial reporting enforcement panel. although government intends to abandon this and switch its responsibilities to bafin.