Trennbankensystem – ein Weg zu mehr Finanzstabilität in Deutschland?

Dombret Andreas (), Liebig Thilo () and Ingrid Stein ()
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Dombret Andreas: Deutsche Bundesbank, Frankfurt
Liebig Thilo: Deutsche Bundesbank, Frankfurt

Perspektiven der Wirtschaftspolitik, 2014, vol. 15, issue 1, 41-55

Abstract: This article examines how the introduction of a specialised banking system is likely to impact banks and the real economy in Germany, in particular from a financial stability perspective. This study is motivated by a recently passed law in Germany on a specialised banking system (Trennbankengesetz), current reforms in the US and UK and proposals for the EU. We focus on the consequences of a separation of the savings & loan business and proprietary trading.We conclude that proprietary trading plays a significant role only for large, systemically important banks in Germany. The latter act as universal banks and grant a considerable fraction of all loans that go to domestic enterprises and consumers. Costs for customers, however, are likely to be moderate. In contrast, a specialised banking system may provide the important advantage that insolvent trading units can be separated more easily from the savings & loan business arm and eventually liquidated. In this way, implicit state guarantees may be reduced.

Date: 2014
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DOI: 10.1515/pwp-2014-0002

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