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Warner
: Deutsche Bank boss
Christian Sewing
worries about the economy.
Photo: Arne Dedert / dpa
In view of the ever new rescue programs, Deutsche Bank warns of the growing power of the state in the economy.
"It can not go on according to the watering can principle. That harms our economy," said CEO
Christian Sewing
(50) on Monday at the CDU business day in Berlin.
Broadly based government subsidies set false economic incentives in the long run.
Companies have to adapt to the new circumstances, even if this is associated with pain.
"We have to allow a certain amount of creative destruction."
Sewing is thus fueling a debate that has been increasingly heated for weeks.
On the one hand, the business associations are calling for state aid almost in unison.
In particular in sectors such as tourism, retail, aviation or gastronomy, many companies rely on bridging aid to ensure their survival.
On the other hand, economists and also the credit insurer Euler Hermes warn of a "zombie economy", because the rules for insolvency protection have been extended and bankruptcies are currently prevented.
It is fermenting beneath the protective surface of the state billions, which is fueling concerns, especially in the financial sector.
In view of the worsening corona crisis, the Bundesbank expects increasing loan defaults.
With the longer crisis, there will be solvency problems for companies, which then have an impact on the financial system, said Bundesbank board member
Sabine Mauderer
(50) on Monday at a virtual financial
conference
.
"Rising bankruptcies in the corporate sector will lead to loan defaults and write-downs."
The bankruptcies in Germany could rise to over 6,000 per quarter in early 2021.
As a result of the current restrictions, uncertainty is likely to have increased.
This puts a strain on the institutions' equity ratios, said Mauderer.
"In order to stabilize this, the banks could grant fewer loans. This in turn would have a negative impact on the real economy."
Like ECB Vice President
Luis de Guindos
(60), she therefore spoke out in favor of banks using their existing capital buffers.
The granting of loans to the economy could thus be stabilized.
Sewing said that in the current situation, banks are asked to critically question the business models of the companies.
It must be checked what will still work after the pandemic and what will not.
"After the crisis, some things will be less in demand, some not at all, some much more."
The rescue programs that were launched were correct in order to quickly cushion a crisis.
But now long-term solutions must be discussed.
"I still miss out on this topic. It has to be discussed more widely in public."
Basically, he is of the opinion that companies with stable management and a good business model could master the corona crisis.
Such companies would still get loans.
It is wrong, however, to preserve traditional structures through ongoing state aid.
Finance Minister
Olaf Scholz
(62; SPD), on the other hand, like Economics Minister
Peter Altmaier
(62; CDU) emphasized that the state could provide additional help if it was asked.
Regulations such as short-time work allowance have been extended to the end of 2021 anyway so that companies do not collapse.
State
Secretary for Finance
Jörg Kukies
(52) also promised further help should there be a need.
"We are still far from over the mountain. So it is of course clear that we also have to think about what we can do to support," said the former co-boss of Goldman Sachs in Germany at a bank conference.
lhy / Reuters