German banks arrived yesterday evening in the position of accused to the "crisis Summit" held in the Chancellery, involving economists, representatives of employers and trade unionists. While they received massive state aid since the beginning of the crisis, they have adopted a very restrictive credit policy, including for SMEs, which ensure the success of German products for export. According to the latest indicator of the IFO Institute, 42.9 companies complain of a fastidiously or abusive, credit policy compared to 41.7 in October. Unusual, BDI, representing employers, is also mounted to the niche against the banking industry. According to his boss, Hans-Peter Keitel, banks must do everything to support and accelerate the start of recovery observed since two quarters. It also recalls that the crisis is born of the abuse of the financial sector and that these actors must not "fall in the short-termism".
The new Minister of economy, Rainer Brüderle, interviewed on television, he also asked banks to "fulfill their duty." "They must pass their customers the historically low interest rates of the Central Bank."Yet from the Liberal Party (FDP), it was not excluded to have recourse to regulatory measures if ever banking institutes were still reluctant. Even if there is not, at the present time, of "shortage of credit" strictly speaking, the situation could rapidly deteriorate early 2010, when companies publish annual accounts 2009 highly degraded by the collapse of their order books and will degrade their risk profile.
Yesterday, early evening, was not known yet if the Summit would lead to concrete measures. The German press spoke of the possibility of guaranteeing certain debts of the banks, via "The Germany Fund", established at the beginning of the year. Some newspapers referred even the redemption of credits by the State, a measure which would however be politically sensitive. The challenge is to revive the securitization market, that the crisis has rendered moribund, but allowing banks to dispose of a part of their risks, and therefore of acquiring others.
Yesterday morning, the Council of Ministers has appointed a mediator credit settle conflicts between banks and companies, mainly SMEs. This was Hans-Joachim Metternich, sixty-six years, close to the Minister for the economy, far pattern of BSI, a public Bank of support to the economy of the Land of Rhineland-Palatinate. Rainer Brüderle emphasized the success of the Ombudsman in France since October 2008.
Goodwill gestures
Before even the start of the Summit, in goodwill, Commerzbank (partially nationalized 25) announced that it would increase from January, the EUR 5 billion provides SMEs with a turnover between 2.5 and 500 million euros. Savings banks and regional banks also announced their intention to contribute to a new 5 to 10 billion euro Fund dedicated to larger SMEs.
The Summit yesterday, incidentally, points out that the German financial sector is not be cleaned up. In its financial stability report, the German Central Bank estimated at EUR 90 billion impairment losses that will have to register domestic institutions by the end of 2010. The structure of hiving-off device made available by the Government has been used by any private bank. One of the elders who advise the Government in economic matters, Wolfgang Franz, warmly recommended to review the functioning of the Fund for the Germany and "bad banks" in German.
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