Roland Berger Strategy Consultants GmbH doesn’t have enough money to introduce a planned European ratings agency, Financial Times Deutschland reported in a preview of an article to be published tomorrow, without saying where it got the information.
The company has failed to gather the 300 million euros needed to start the agency owing to lobbying from the Federation of German Industries, according to the FTD. Germany’s coalition government is also unwilling to fund the project, the FTD cited Christian Democratic Union Deputy Chairman Michael Meister as saying.
The plan is not yet dead, since a group of Frankfurt-based financiers has provided enough funds for the ideas behind the agency to be developed, FTD said, without citing any sources.
To contact the editor responsible for this story: Chad Thomas at firstname.lastname@example.org.