Deutsche managers rapped over Schneider

FRANKFURT (Reuter) - A member of the supervisory board of Deutsche Bank yesterday accused the bank's managing board of not keeping the supervisors adequately informed about the details of the collapse of Schneider, the property group.

The supervisory board met in closed session last night to deal with the crisis caused by Schneider's collapse.

Gerhard Renner said it was 'not a good style' to let the supervisory board discover details about Schneider from media reports, as had happened when Metallgesellschaft, the metal and mining group, was experiencing financial troubles. Deutsche Bank was the largest lender to Schneider.

He said the supervisory board was unlikely to take any immediate action against staff of the bank who were involved in the Schneider case.

However, he would not rule out another meeting of the supervisory board following the shareholders' meeting due on May 19.

Action on Deutsche Bank staff might be decided then, Mr Renner said.

There has been widespread speculation that heads will roll at Deutsche Bank in response to the bank's deep involvement in Schneider.

After last night's meeting, the bank said loans on Schneider properties and further action on the treatment of collateral had been discussed, but no decisions had been taken.