Announcement by the Board of Directors of the Association of German Banks following its meeting in Frankfurt am Main

Frankfurt am Main, 25 October 2010 - We the undersigned are highly concerned that, as a result of measures decided recently by German policymakers, often on a go-it-alone-basis, German banks will no longer be competitive on the international stage. The German banking industry has reached its limits.

On top of international capital requirements, German banks face a bank levy, the new funding requirements for deposit insurance and a planned tax on financial activities. The rules on bonus payments are also significantly hampering our banks- competitiveness. In short, owing to national legislation we are no longer internationally competitive. On the contrary, we are at a huge disadvantage.

Healthy profits are necessary if we are to build capital, fund German economic growth, promote innovation and retain jobs - only then can we meet future regulatory requirements and develop our business for the future.

For years German banks have been falling increasingly further behind their international counterparts. The German economy - especially its global business - needs efficient German banks. This has to be in the national interest. We call on policymakers to acknowledge this and stand firmly behind German banks, for the good of Germany.

Andreas Schmitz
President of the Association of German Banks
Chairman of the Management Board
HSBC Trinkaus & Burkhardt AG, Düsseldorf

Josef Ackermann
Chairman of the Management Board and the Group Executive Committee
Deutsche Bank AG, Frankfurt am Main
Member of the Presidency

Christian Olearius
General Partner - Spokesman
M.M.Warburg & CO KGaA, Hamburg
Member of the Presidency

Martin Blessing
Chairman of the Board of Managing Directors
Commerzbank AG, Frankfurt am Main

Stefan Jütte
Chairman of the Board of Managing Directors
Deutsche Postbank AG, Bonn

Michael Kemmer
General Manager
Association of German Banks, Berlin

Thomas A. Lange
Chairman of the Board of Managing Directors
NATIONAL-BANK AG, Essen

Hans-Walter Peters
Spokesman of the Personally Liable Partners
Joh. Berenberg, Gossler & Co. KG, Hamburg

Lutz Raettig
Director
Morgan Stanley Bank International Ltd.
German Branch, Frankfurt am Main

Wolf Schumacher
Chairman of the Management Board
Aareal Bank AG, Wiesbaden

Theodor Weimer
Chairman of the Board of Managing Directors
UniCredit Bank AG, Munich

» Statement Andreas Schmitz [PDF - 75 KB]