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World German banks against the rapid introduction of e-euro

08:30  09 april  2020
08:30  09 april  2020 Source:   de.reuters.com

4.4 billion paid: Run on Corona emergency aid continues - Most of the money goes to a federal state

 4.4 billion paid: Run on Corona emergency aid continues - Most of the money goes to a federal state © dpa The amount of the emergency aid depends on the size of the company. The rush for grants continues: To date, more than 1.4 million applications have been made. However, the transfer of the grants is delayed in part. The run on the Corona instant grants continues. The state development banks received at least 1.42 million applications for Corona emergency aid by Friday afternoon. Around 520,000 of these have already been approved and grants totaling EUR 4.4 billion have been paid out or instructed to pay. This was the result of a survey by the Handelsblatt among the 16 state ministries and state development banks. Of the 4.4 billion euros, 2.33 billion euros are in North Rhine-Westphalia and 1.3 billion euros in Berlin. The average grant per company varies considerably from state to state. It is currently around 4500 euros in Saarland, in contrast, in Hesse it is 10.500 euros. The amount of emergency aid depends on the size of the company.

BERLIN, June 12 (Reuters) - Germany ’s Angela Merkel and its central bank pushed back on Tuesday against calls from other parts of the euro zone for the rapid establishment of a banking union, saying it could only come as part of a drive towards economic union.

German banks are stuffing vaults with money to help offset the mounting cost of negative interest rates, and some of them are running out of space. The Association of German Banks expects the ECB’s charges to cost the country’s lenders about 2 billion euros a year.

A new 100-euro banknote is presented at the ECB headquarters in Frankfurt © Reuters / KAI PFAFFENBACH A new 100-euro banknote is presented at the ECB headquarters in Frankfurt

Berlin (Reuters) - German banks are putting the brakes on the introduction of digital central bank money .

There is currently no need for this in the euro area, according to an analysis of the merger of the German banking associations (DK), available to Reuters on Wednesday. "Neither the risks to financial stability and possible restrictions in the credit offer of banks and savings banks have been adequately researched, nor is there sufficient additional benefit for citizens due to the continued substantial use of cash."

SMEs should get loans more easily - State is liable for risks in crisis

 SMEs should get loans more easily - State is liable for risks in crisis © iStock work, office The European Commission had already given the green light on Friday evening for full state liability for loans of up to EUR 800,000. So far, banks have assumed a residual risk of ten or 20 percent, but in future the state will be liable for everything for a limited time. This means that loans can be paid out more quickly because there is no longer any need to check the creditworthiness.

They found Germany and the Netherlands to be the only countries to have gained substantial benefits from the euro . In Germany during this two-decade time frame Before the introduction of the euro , countries were able to devalue their currencies to make their exports cheaper on the world market.

Led by an appallingly incompetent German management, the European Union will most probably come out terminally fractured after next May’s parliamentary elections. The political forces already at work in a number of countries will go back to nation states and a free-trading area, abandoning the pipe dream

Facebook had startled the industry with its plans for its own digital currency. The world's largest internet network is believed to make the project called Libra a success, because transfers, especially across national borders, are still comparatively expensive and take a long time. However, many governments do not want Facebook to expand into the financial sector, which is why cyber currencies from the central banks - such as an e-euro - are being considered.

"In the future, digital central bank money could play an important role in the monetary and monetary system," expect German banks. Europe is in an international competition. But there must be a "careful assessment of the benefits and risks". Changes in this area should not result in bank accounts being cleared more than before in the event of a crisis. It must be ruled out that there will be serious short-term transfers of funds from banks to the central bank. "Otherwise, the introduction could lead to significantly higher threats to financial stability."

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