The bank president, criticized Chancellor Angela Merkel unusually hard. Source: AP
FRANKFURT. With previously unknown hardness Bank President Andrew Schmitz of the yaw rate of the Federal Government in the regulation debate and the euro rescue has attacked. The national prohibition of uncovered short sales alone when I provided a "painful loss of confidence in the markets," said Schmitz as CEO of HSBC Trinkaus at the general meeting of the Düsseldorf Institute. Was preceded by a yaw rate of the government in terms of financial transaction tax. This tax was rejected by the Chancellor Angela Merkel (CDU) only over a long period strictly to buckle to the end. "After the team had finally lost the orientation, they decided to more or less unanimously to increase the blows", said Schmitz. Important is currently in Berlin, only to demonstrate that the banks would have to pay.
An attempt of profiling in their own camp after internal criticism?
The attack on the black-yellow coalition, and mentioned several times in the Chancellor’s speech comes as a surprise. Unlike, for example, as the cooperative institutions or savings banks in the Federal Association of German Banks (BdB) middle of May had initially been reluctant to comment on the Leerverkaufsverbot. Only later struggled with Schmitz to practice restrained criticism. He spoke out against unilateral national while, but stressed the same time, it was absolutely necessary to get the excesses of the markets under control. For the hesitation it had hailed in parts of the BdB criticism.
Schmitz is in his volunteer role as bank president for months under pressure of expectation. It would be conceivable as that he tried on the charge to consolidate his position. Founded in 1951 as the interests of fighting since the crisis with massive differences of opinion within their own ranks. Schmitz is also published in autumn of duty, at last finding a successor for the incumbent for 19 years BdB managing director Manfred Weber, and address as meaning the generation change in the association.
An association spokeswoman pointed out only yesterday that Schmitz was not the speech held in his capacity as bank president, but as HSBC Trinkaus-chief.
The accused the government on issues of regulation and also a failure in dealing with the debt crisis in Greece. "From a German point of view irritated that by long expectant almost inevitably fell into a situation where you had to issue the check, before one has the change can querschreiben" criticized Schmitz. It would be for Germany have been much better and cheaper if the government had said very early on their willingness to help Greece. The billion-dollar purchase of the rescue parties initially only time – the bill was not paid yet.
Schmitz missing strategy for the domestic financial sector
The bank president pointed to estimates by the European Central Bank, which provides that the institutions have to write off the continent by the end of 2011, almost 200 billion euros. "That probably accounts for a large part of it on German institutes, is regarded as beyond doubt," said Schmitz. It would probably cheaper Germany to save the houses affected directly and indirectly through support of to Athens, Madrid or Lisbon. Such an honest relationship with the euro, although domestic political crisis is risky, but it protects against further contamination.
The Bankers Association
Mouthpiece: The Association of German banks (BdB) was founded in 1951 as the successor organization of the Association of the German Central Bank and Bankers. He is the voice of more than 220 private institutions.
Discord: The Association of unity is far away. For resentment caused primarily to save the Bund, Commerzbank had and now a teilverstaatlichtes house is the largest member. But also between large banks and small Regionalhäusern there are numerous lines of conflict.
Successor search: Under pressure from their own ranks occurs BdB managing director Manfred Weber from end of the year. Schmitz President has by the end of June given time to find the successor. His goal, to elect a deputy in the first quarter, the weaver could follow, the banker has already failed.