diff --git a/src/exchangedb/exchangedb_fees.c b/src/exchangedb/exchangedb_fees.c
index e3e16712d..228015c03 100644
--- a/src/exchangedb/exchangedb_fees.c
+++ b/src/exchangedb/exchangedb_fees.c
@@ -212,6 +212,7 @@ TALER_EXCHANGEDB_fees_write (const char *filename,
                                 af,
                                 &wd.wf);
     wd.master_sig = af->master_sig;
+    last = af;
     af = af->next;
     if (sizeof (wd) !=
         GNUNET_DISK_file_write (fh,