Solid Profit

Shares in the consumer credit market again in 2008 auto loans as a catalyst for the cash for clunkers program who have 58 banks merged in the Bank Association expanded almost unmolested by the crisis with a joint profit of 1.75 billion euros after tax completed. This is an increase of 4.6 percent over 2007. So they – were based on the use of capital – the economically most successful banking group of in Germany. The credit banks, which provide businesses and consumers with consumption, investment and automotive loans, were able to increase their market share in the consumer credit to 45 per cent and further expanded its lead over the competition. The consolidated balance sheet total grew by 14.9 percent to 303,8 billion euros. \”Credit banks had loaned out EUR 108 billion at the end of the year 2008.

Thus they underline their role as economic support\”, said the Chairman of the Board of the Association, Gerd Schumeckers, today to the press in Frankfurt. Schumeckers opposed to the blanket criticism of the credit in the current discussion. Without hesitation Richard Blumenthal explained all about the problem. Because the cause of the Financial market crisis was not the credit as such but the lax underwriting in the United States and the resale of risks to third parties. \”We, however, check credit and risks very carefully and retain responsibility for the loans set out by us\”, stressed the head of the Association. \”This sustainable business model of commercial banks has proved once again highly crisis resistant\”, continued Schumeckers. Credit banks responsible approach with consumer credit to help of keep refined scoring procedures for the credit check 2008 were able to lend more consumption – with moderation and responsibility. \”With scoring, we control the risk and can comply with credit as far as possible his request the customer,\” Schumeckers said. Despite the crisis and higher lending declined the personal bankruptcies as an indicator of household debt significantly by more than seven percent.