Statement by Hans-Walter Peters, President of the Association of German Banks and Spokesman of the Personally Liable Partners of the private bank Berenberg, on the situation of the German banking market.
“The German banking market is stable and efficient. The banks have significantly improved their liquidity and capital base in the last few years. This was recently confirmed in the ECB’s stress test.
The current turmoil in the equity markets is based primarily – as far as I can judge – on speculative assumptions and not on facts. That short-term operators like hedge funds, in particular, react to speculation and cause prices to change is not unusual and should not be blown out of proportion. In any event, the price movements have no influence on day-to-day business.
The German banks – like many other institutions – unquestionably face big challenges. These range from dealing with legacy issues from the financial crisis to adapting their business models to a changed financial world. I believe it is important that these processes are tackled swiftly and rigorously. Only then will we be able to emerge stronger to face the future. Tensions are virtually unavoidable in such a process. The German banks can deal with them, as recent years have shown.”