Germany is still at risk of a credit crunch, the head of its main banking association has warned, as lenders face corporate downgrades two years after the start of the financial crisis.
“Will there be a credit crunch? Clearly it is a concern and there is a real danger of this,” said Andreas Schmitz, president of the Federal Association of German Banks. “I do not think it is entirely unrealistic to think there will be one.
“I think we have reached the low point of the financial crisis. But it is obvious that every bank will have more to deal with in the next 18 months, in terms of defaults by clients and non-performing loans, than they have had up to now.”
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