Based on turnover and rating trends among the business clients of Germany’s Savings Banks, the German Savings Banks Association concludes that the financial situation of small and medium-sized service and retail enterprises has deteriorated since the beginning of 2021.
Coronavirus lockdown: DSGV President demands better prospects for re-opening shops and hotels
Savings Banks have a comfortable capital buffer to tackle future burdens
Germany’s Savings Banks emerged from coronavirus year 2020 in robust financial health. In addition to the coronavirus pandemic, negative market rates continued to place a considerable burden on credit institutions.
Savings Banks recorded highest inflow of deposits in 2020Loan commitments to enterprises also at record level
For Germany’s Savings Banks, the last fiscal year brought record levels for inflows of deposits and for the lending business, although the operating result declined because of interest rates.
Savings Banks stepped up their digitalisation efforts during coronavirus year 2020
In Germany, 23 million people make use of the Savings Banks’ online banking services – 8 percent more than in 2019. This was announced by the German Savings Banks Association (DSGV) on Wednesday at its virtual financial press conference.
Prospects of recovery remain intact
The chief economists of the Savings Banks Finance Group are cautiously optimistic about the economic trends in Germany and Europe.