Wirecard filed for insolvency on June 25, 2020. Three days earlier, the company itself had said that balances of 1.9 billion euros in trust accounts most probably did not exist. A committee of inquiry of the Bundestag then asked who had been responsible for supervision. The financial supervisor BaFin is responsible for banks, insurers and financial holding companies. In BaFin’s view, Wirecard was ein Unternehmen aus dem Bereich Informationstechnik und keine Finanzholding, an information technology company and not a financial holding. For money-laundering supervision of other companies, the state authorities are responsible. In Wirecard’s case, the authority in Lower Bavaria took up its responsibility only when suspicion grew. An official of the finance ministry told the committee: Wenn keine Zuständigkeit vorliegt, gibt es auch nichts zu koordinieren. Where there is no responsibility, there is nothing to coordinate.