German trust in banks unshaken by credit crisis

The credit crisis has failed to shake Germans’ trust in their banks, according to a survey published on Saturday in the Berliner Zeitung newspaper.

German trust in banks unshaken by credit crisis
Sachsen Bank replaced credit crisis casualty Sachsen LB. Photo: DPA

The survey by the Federal Association of German Banks found that nine of ten Germans think their bank is doing a good job. Some 59 percent reported being satisfied with their bank, while 30 percent said they are very satisfied.

“Independent from (the credit crisis), German customers’ trust in their banks remains unwaveringly high,” Manfred Weber, chairman of the banking association’s executive committee, told the newspaper.

The association said its survey showed German customers had become more confident in their banks during a year of financial turbulence stemming from the collapse of the United States market for sub-prime mortgages. The credit crisis forced the sale of a regional bank, Sachsen LB, last August, and has led to heavy losses in the German banking industry.

But despite the crisis, according to the survey released on Saturday, customer confidence rose to 87 percent this year from 84 percent last year.

“(German banks) are seen as safe and secure,” Weber said.