German bank fund could buy up “bad assets”-Fin Min

Germany's banking rescue fund could be used to buy up "bad assets" from banks, Finance Minister Peer Steinbrueck said on Monday.

He also said financial institutions which make use of the rescue fund will have to look carefully at executive pay.

"And dividends will be dispensed with," Steinbrueck told reporters in a news conference to present a German rescue package for banks. "We cannot have a situation where companies we want to stabilise to win back confidence go on paying dividends to their shareholders."

Steinbrueck also said more efficiency was needed in banking supervision both nationally and internationally.