German banks have about €23.5bn in credit exposure to Greece, but the systemic risk is limited as the country’s biggest commercial banks, Deutsche Bank and Commerzbank, hold only a tiny fraction of that, according to figures gathered by Reuters.

German lenders are lobbying finance minister Wolfgang Schaeuble to resist calls for faster pooling of Europe’s planned bank-resolution fund, citing the cost for Germany.

German finance minister Wolfgang Schaeuble pushed back against Deutsche Bank co-CEO Juergen Fitschen after he said the minister’s call to keep up vigilance of banks was “irresponsible”.

EUROPE must take tough decisions before the International Monetary Fund (IMF) can release its next block of aid for Greece, the fund warned yesterday.