FRANKFURT (dpa-AFX) – Helaba boss Thomas Groß calls for a willingness to compromise in the discussion about cross-border protection of the funds of bank customers in Europe, which has been deadlocked for years. It is time for a “less emotional” restart of the discussion about a common European deposit insurance, the head of Germany’s third largest state bank told journalists in Frankfurt on Tuesday evening.
“Overall, we will have more advantages as banks, including as a savings bank finance group, if we become more involved in Europe and act as a Europe,” emphasized Groß. In his opinion, the disadvantages of not agreeing on a common deposit insurance scheme would be much more serious than “the one or other compromise that one (…) might have to make,” said the head of the Landesbank Hessen-Thüringen (Helaba). .
Great: Bringing German institutional security into Europe
For years, Europeans have been arguing about cross-border security of customer money (European deposit insurance scheme, or Edis for short) as the third pillar of the European banking union, alongside common banking supervision and joint resolution of crisis institutions. Resistance exists in Germany, where there are well-filled pots for emergencies. Savings banks and cooperative banks in this country fear that their funds will be used to finance bankruptcies in institutions in other countries.
“The institutional protection we have here is good: for the savings banks, for the state banks, but especially for private customers. If we maintain this, then I see the possibility of incorporating this into a system at the European level,” said Groß. He no longer sees any reason to make a blanket judgment that banks in other countries are worse off./ben/DP/mis
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