Deutsche Bank boss warns of too much Corona aid

Christian Sewing

The CEO of Deutsche Bank is critical of some rescue measures.


(Photo: dpa)

Frankfurt / Berlin The Deutsche Bank warns of too much government aid in the corona crisis. “It cannot go on according to the watering can principle. That harms our economy, ”said CEO Christian Sewing on Monday at the CDU business day in Berlin. Broadly based government subsidies set false economic incentives in the long run.

Companies have to adapt to the new circumstances, even if this is associated with pain. “We have to allow a certain amount of creative destruction.” The Federal Ministry of Economics, on the other hand, reminded companies of callable funds. Bavaria’s Prime Minister Markus Söder said that further state aid would be necessary if the catering trade should remain closed in December.

For weeks there has not only been a debate about whether the state can shoulder aid for ailing companies. There have also been several warnings of a “zombie economy” because the rules for bankruptcy protection have been extended. The retail sector, in turn, is also calling for the state because the closure of restaurants is leading to a slump in sales in German inner cities. A spokeswoman for the Ministry of Economic Affairs pointed out that there is help for businesses whose fixed costs remain high, but whose sales are sinking.

Sewing said that in this situation banks are asked to critically question business models. It must be checked what will still work after the pandemic and what will not. “After the crisis, some things will be less in demand, some not at all, some much more.”

The rescue programs that were launched were correct in order to quickly cushion a crisis. But now long-term solutions must be discussed. “I still miss out on this topic. That has to be discussed more widely in public. “

Basically, he is of the opinion that companies with stable management and a good business model could master the corona crisis. Such companies would still get loans. It is wrong, however, to preserve traditional structures through ongoing state aid.

Finance Minister Olaf Scholz, on the other hand, like Economics Minister Peter Altmaier, emphasized that the state could provide additional help if it was asked. Regulations such as short-time work allowance have been extended to the end of 2021 anyway so that companies do not collapse. A new Bundestag will also be elected in the autumn of next year.

State Secretary for Finance Jörg Kukies also promised further help should there be a need. “We are still a long way from over the mountain. So it is of course clear that we also have to think about what we can do to provide support, ”he said at a bank conference. The Bundesbank warned of a wave of corporate bankruptcies in the coming year. The bankruptcies in Germany could rise to over 6,000 per quarter at the beginning of 2021.

More: In the corona crisis, the Chancellor is not only allowed to drive on sight, comments Thomas Sigmund

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