(αποσπάσματα από http://www.ft.com/cms/s/0/a3b632e8-5fb7-11e0-a718-00144feab49a.html#axzz1Ip4oXtfm)
“The German economy has a remarkable asymmetry. On the one hand, many companies that are ... world leaders. On the other side, only one globally successful German bank,” says Josef Ackermann in a reference to Deutsche Bank, the country’s biggest banking group, which he heads – and which the chancellor exempted from her criticism.
Altogether, €7,600bn of German banking assets are supported by less than €350bn of equity and reserves, according to DIW, a Berlin think-tank. Franz-Christof Zeitler, deputy president of the Bundesbank, on Tuesday confirmed a November estimate that the sector needed an extra €50bn in core tier one capital by 2018 to meet forthcoming international regulations known as Basel III. “At the moment there is nothing to suggest the new quotas cannot be met,” he added.
The government has also taken €250bn of assets spun off by HRE and WestLB into “bad banks” on the government’s balance sheet. Mr Schneider says: “We are still probably going to need 20 or 30 years, and have to absorb €20bn or €30bn of losses, to wind down the bad banks.”
Post crisis, the Landesbanken model of funding themselves by borrowing cheaply on capital markets and lending at competitive rates looks broken. They would love access to retail deposits as a source of funds. But, aside from a few isolated cases, they have been kept away from this by the savings banks.
The solution, the authors say, is reform of public-sector banking. They propose moulding Landesbanken and some bigger metropolitan savings banks into regional institutions that offer a wider, and more stable, range of banking activities.
But they admit that “it will take no little imagination and a strong political will to tackle and overcome these hurdles in a structured manner”. Loosely translated, that probably means the plan has no chance in a country where many savings banks have close ties to important local politicians.
Mr Haasis sees massive legal obstacles. In addition, he says: “It would totally change the system that has been so stable in the crisis – why should we?”
“The German economy has a remarkable asymmetry. On the one hand, many companies that are ... world leaders. On the other side, only one globally successful German bank,” says Josef Ackermann in a reference to Deutsche Bank, the country’s biggest banking group, which he heads – and which the chancellor exempted from her criticism.Altogether, €7,600bn of German banking assets are supported by less than €350bn of equity and reserves, according to DIW, a Berlin think-tank. Franz-Christof Zeitler, deputy president of the Bundesbank, on Tuesday confirmed a November estimate that the sector needed an extra €50bn in core tier one capital by 2018 to meet forthcoming international regulations known as Basel III. “At the moment there is nothing to suggest the new quotas cannot be met,” he added.
The government has also taken €250bn of assets spun off by HRE and WestLB into “bad banks” on the government’s balance sheet. Mr Schneider says: “We are still probably going to need 20 or 30 years, and have to absorb €20bn or €30bn of losses, to wind down the bad banks.”
Post crisis, the Landesbanken model of funding themselves by borrowing cheaply on capital markets and lending at competitive rates looks broken. They would love access to retail deposits as a source of funds. But, aside from a few isolated cases, they have been kept away from this by the savings banks.
The solution, the authors say, is reform of public-sector banking. They propose moulding Landesbanken and some bigger metropolitan savings banks into regional institutions that offer a wider, and more stable, range of banking activities.
But they admit that “it will take no little imagination and a strong political will to tackle and overcome these hurdles in a structured manner”. Loosely translated, that probably means the plan has no chance in a country where many savings banks have close ties to important local politicians.
Mr Haasis sees massive legal obstacles. In addition, he says: “It would totally change the system that has been so stable in the crisis – why should we?”
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