Savings Banks and their employees contribute EUR 44 billion to Germany’s prosperity

On average, each of the 209,588 employees of Germany’s Savings Banks contributed EUR 260,000 to Germany’s prosperity in 2018. “Savings Banks depend on this country and live for this country. We make a tangible contribution to Germany”, said Helmut Schleweis, President of the German Savings Banks Association (DSGV), at today's financial press conference of the Savings Banks Finance Group in Frankfurt/Main.

The value added by Savings Banks to Germany’s economy amounted to EUR 40 billion. This amount includes the gross value added, the demand for goods and services, paid wages, salaries and social security contributions, gross investments of institutions, taxes and levies, as well as funds provided for charitable causes and institutions in the regions. In addition, the employees of Savings Banks paid a total of EUR 4 billion in taxes and social security contributions.

Savings Banks, alone, contributed EUR 18.2 billion to Germany’s gross value added. The country’s 384 Savings Banks are as important for the German economy as the entire agricultural sector.