The financial supervisory authority Bafin has announced that it is putting pressure on Commerzbank to ensure that the bank promptly sends annual tax certificates to customers in the future. In a statement on Friday, the Federal Financial Supervisory Authority ordered Commerzbank to "promptly send" the tax certificates for the year 2022. The bank now has 20 banking days to send the certificates. Additionally, it must take appropriate measures to ensure timely deliveries in the future.

The Bafin intervened after there were problems with the dispatch of annual tax certificates at Commerzbank in the past. In September of this year, the bank apologized in personal letters to affected customers and assured that they are working hard to deliver the certificates as soon as possible. A Commerzbank spokesman confirmed that there are still individual cases for the year 2022 in which the certificates are pending.

According to Bafin, Commerzbank has now resolved all delays with tax certificates that were requested before November 2nd. Consumers rely on these certificates to potentially reclaim overpaid capital gains tax through their tax returns. Typically, banks send the certificates by the end of the first quarter. Accordingly, Bafin expects all institutions to issue the tax certificates from now until the 30th of June of the following year.

The Commerzbank stock was trading 1.11 percent higher at 10.50 euros on Friday via XETRA.

The delays in the issuance of certificates and the associated pressure from Bafin on Commerzbank are causing unrest in the industry and among customers. Bafin emphasizes that this is an exceptional case and underscores the importance of timely issuance of annual tax certificates.