What is really interesting is that the cash has been put on redeposit at the European Central Bank "partly to benefit from higher interest paid by the ECB".
Apparently, Siemens became a bank a few years ago, and has over 100 personnel based in Munich running it. The article goes onto say that Siemens has between 4- 6 Billon euro on deposit at the ECB.
That is quite a chunk of change and with the yield on Greek three year debt breaking 170% last week, Siemens could easily turn the 5 billion Euros in to 13 billion.
Or maybe just as easily it could turn in 500 million.
Downside risk; don't you just hate it.
UPDATE:
Creditwritedowns details on a little noticed report:German-language newspaper Frankfurter Allgemeine Zeitung (FAZ) wrote an article centered on a report by the Deutsche Institut für Wirtschaftsforschung (German Institute for Economic Research). The report claimed that the German banking system was undercapitalised by 127 billion euros.
