BRUSSELS 26 May 2016 – Austrian Savings Banks Association President Gerhard Fabisch and ESBG Mangaging Director Chris De Noose took part last Friday in a press conference to help celebrate Sparkassentag and to highlight the role of locally focused savings and retail banks and how policy can help them thrive.
Held in Linz, the press question and answer session focused on how locally minded savings banks in the country can help boost small and medium-sized enterprises (SMEs). Along with focus of the Sparkassentag formed around financing the real economy, the pair called out over regulation of banks, which can have a big impact on smaller sized institutions that can be found in Austria. Factors like customer relationships and trust should be the leading criteria when granting loans.
Austrian savings banks are critical of recent ECB zero-interest rate monetary policy. Zero interest rates are a burden carried by banks and do not increase demand for credit. Uncertainty surrounds the policy, especially on whether or not it prevents deflation, an argument tabled by the ECB.
Sparkasse in Austria
There are 48 institutions classed as Sparkassen, or savings banks, in Austria, with 1,132 branches and 15,500 workers employed.
>> Visit the Austrian Savings Bank Association website