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Deposits of Germans are safe, Chancellor Scholz says

Deposits of Germans are safe, Chancellor Scholz says
German chancellor tries to quell fears of great financial crisis after Silicon Valley Bank's collapse, says country’s banking system remains sound

BERLIN (AA) - German Chancellor Olaf Scholz on Friday sought to assure people that the country’s banking system remains sound and resilient.

"The deposits of German savers are safe. Not only because of the higher resilience of the banking system and stricter regulation, but also because of our economic strength," he said in an interview with business newspaper Handelsblatt.

Scholz said he does not see the risk of a repeat of the 2008 great financial crisis despite widespread worries in markets after Silicon Valley Bank's collapse and Credit Suisse's fallout.

“We live in a completely different time. Legislators and banking regulators learned their lessons from the bankruptcy of Lehman Brothers in 2008,” he said.

“Bank regulations are stricter than they were then. And we also see that those responsible in the US, Great Britain and most recently in Switzerland acted quickly and decisively,” he added.

source: News Feed
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