“I assume that a smaller double-digit number of banks will have serious problems,” said executive director Raimund Röseler of the “Handelsblatt”. Financial institutions have granted long-term loans at low interest rates, but now have to pay more for refinancing. “Not all houses have adequately secured themselves against this risk,” Röseler told the newspaper.
At the same time, he warned financial institutions of the possible consequences of entering the business with cryptocurrencies such as Bitcoin or Ether. “Institutions should only do business that they understand – and my guess is that the vast majority of lenders are not sufficiently familiar with cryptoassets.” Röseler continued: “If they offer trading in Bitcoin, this can give the public the impression that cryptoassets are also stable investments or even covered by deposit insurance.” But neither is the case.
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At the end of June, the German Savings Banks and Giro Association (DSGV) had already expressed reservations. It was “the task of savings banks to protect customers from incalculable risks,” said a spokeswoman for the association when asked. “That’s why the committees recommend that the institutes of the Sparkassen-Finanzgruppe not offer trading in cryptocurrencies.” In mid-December 2021 it became known that the Sparkassen-Finanzgruppe was considering entering crypto trading. Ultimately, each Sparkasse decides independently whether to offer trading in Bitcoin and Co. or not.
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FRANKFURT (dpa-AFX)
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