German banks and savings banks intend to launch emergency programmes

2010-01-08T06:36:00.000-08:00

German banks and savings banks intend to launch emergency programmes to help medium-sized businesses weather the crisis better. This was announced by Federal Finance Minister Wolfgang Schäuble and Federal Economics Minister Rainer Brüderle on Wednesday evening - a successful outcome of the economic talks held at the Federal Chancellery.
High-level representatives of the business sector, lenders and the trade unions were invited by Chancellor Angela Merkel to discuss the serious economic situation. The focus was on how to prevent the credit crunch that experts have forecast. With a new fund set up by several leading banks and savings banks, lenders intend to give medium-sized businesses access to the loans they so desperately need. In return, the German government will consider relieving the banks of some of the risks involved in extending these loans, Federal Finance Minister Wolfgang Schäuble announced. There are no plans for the government to be involved in the fund, the Finance Minister stated clearly. Federal Economics Minister Rainer Brüderle spoke of a remarkable voluntary commitment on the part of lenders, in an effort to avert a credit crunch. The plans include a move to offer medium-sized businesses a special financing instrument when they do not have the capital they require. Models of this sort can enable healthy businesses to meet strict international requirements for taking out loans, even when they have little "real” capital of their own.

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German banks and savings banks intend to launch emergency programmes