30. In July 2007, the first foothills of the beginning of the world engulfed all financial crisis to Germany. With a Mittelstand Bank called IKB, it got off to an institution that was previously only available to insiders.
In July 2007, the majority of bankers will remind the world and also in Germany. Since the spring, we had heard from the US are increasingly from the bursting of the real estate loans. More and more homeowners are no longer able to operate them, because they earned too little. This poorly-secured mortgage loans – in the jargon as “Subprime” – were bundled in packages with better-secured loans hidden. So you found a buyer for you – and the world.
Including the düsseldorf-based IKB Deutsche Industriebank. It was the end of July 2007, in an existence-threatening crisis, because they had invested for years in packages with such a poorly-secured real estate loans in the United States. So she was the first victim of the financial crisis in Germany. She was rescued with funds from the state development Bank KfW, the Federal government and other banks.
As Deutsche Bank turned in for the cock
Listen to Audio 00:46
October 2008: The billion-dollar pledge from Merkel and Steinbrück
Axel Weber was involved as President of the Deutsche Bundesbank closely in crisis management. The decision to rescue, he still well remembered, fell on a weekend. Because in the 27. July, a Friday that had capped the German Bank IKB, a line of credit and the Bank supervision BaFin informed. “We cut the lines, because that was wrong occurred location”, defended the former head of Deutsche Bank, Josef Ackermann, later, against allegations that the Bank was to blame for the near-collapse of IKB.
But that was only the beginning. In the result, the düsseldorf-based WestLB fell, other banks had to be supported by their Federal States, the SachsenLB was taken over by the Landesbank Baden-Württemberg. All they had invested in Subprime loans.
“Ten years ago the banking industry was not in the right Balance,” says Herbert Grüntker, Manager of Landesbank Hessen-Thüringen, the situation of the time. If The banks were to be regulated a little. But the politicians realized: no later than in September 2008, the crisis widened and the us investment Bank Lehman Brothers collapsed, they began to act. They adopted in Germany in the shortest possible time a law for the stabilization of the financial markets, with lush state guarantees and Capital injections for the banks. And because a rush of savers threatened to the banks, insured Federal Chancellor Angela Merkel and then Finance Minister Peer Steinbrück in front of the cameras, the deposits of individual savers are safe.
The editorial recommends
BGH makes Lehman-Damaged hope
In the case of the Bankruptcy of the US investment Bank Lehman Brothers in 2008, countless investors have lost their money. Many compensation processes have failed. Now two customers have the Federal court law. (25.11.2014)
Financial markets remain a permanent construction site
Five years after the collapse of US Bank Lehman Brothers, relative calm prevails in the financial markets. But that is too expensive. And really, the risk of a new crisis has been averted. (15.09.2013)
The United States two years after the collapse of Lehman brothers
Lehman Brothers lives. An army of lawyers and financial experts, has over the attacked, what of the once fourth-largest US investment Bank after the collapse at 15.September 2008 is still left over. (15.09.2010)
For the Italian crises-banks?
The two Italian crisis, banks-Veneto Banca and Banca Popolare di Vicenza are expected to smash. The ECB gave the Italian government provisionally the green light to handle the money houses. (24.06.2017)
Deutsche Bank gets away with a blue eye
Your trickery on the American real estate market, Deutsche Bank, cost more than seven billion dollars. But it could have been worse. (23.12.2016)
Sub-Prime loans again
Banks lost in the US mortgage
In spite of the low or sometimes no income is US-American builders and house buyers generous loans that they could not pay back. (13.11.2007)
More rules, more equity
Meanwhile, the politicians and the have attracted more of the rules, and most bankers recognise the need for it. The rules that apply now would prevent such a crisis, such as could arise from 2007/2008 and again, thinks about the former Bundesbank President Weber today. The banks are safe, the also Elke König, the Head of the European Bank resolution Fund: “banks today have much more and better capital.” However, their profitability has suffered. Because you are not allowed to invest in such a risky business, not gush profits from it so strong.
And the regulation of work and cost. This lower output power is a weak point, says Weber, of the projecting for 2014 to the Board of Directors of the Swiss UBS. But the loose monetary policy: the former Central banker observed with concern. It is no longer appropriate. At that time, the Central banks had begun, the markets with liquidity to tackle the crisis. They always do.
But Weber warns now, the Boom, the many capital markets in the Wake of the expansionary monetary policy that was not sustainable. There will be a correction in the share price, reviews, and a normalization in the area of fixed-income yields: “Our financial system is not prepared for it.” Therefore, the responsible Central banks would have to lead back to this System is slowly returning towards normalcy. How hard is that, you can observe currently in the efforts of the ECB.
The Headquarters of Lehman Brothers in New York: this is the epicenter of the international financial crisis was
Danger was not banned yet
Basically, the banks admit, would have moved the politicians, the regulatory in the right direction. But now it was time to adopt new rules, believes Martin Zielke, head of the Commerzbank. Instead, you should make now, the rules need to be better coordinated.
There are still weak banks – for example, in Italy. In the meantime, the rules in force, the government in Rome does not, the taxpayer is, however, used for the Bank rescue. You have to define these rules more clearly, not calls Jan-Pieter Krahnen, Director of the center for Financial Studies, Goethe-University, so that’s going to happen: “The last mile in the Marathon is the hardest.” This is also important for consumers. Because the life insurance companies and pension funds are often also creditors of the banks. The extent to which the will then be at a wrong position of the banks, has not yet been clarified sufficiently. Axel Weber is right when he says: “We are still in the resolution of the crisis.”