Paul Lachine

Bankéři bez hranic

FRANKFURT – Na vrcholu finanční krize v letech 2008-2009 to vypadalo, jako by západní banky stahovaly své zahraničí podíly a mířily domů, ponechávajíce finanční trhy mnohem roztříštěnější podél národních hranic. Jak ale dokládá nová zpráva Deutsche Bank Research, přeshraniční obchodování bank – přímé nebo přes pobočky či dceřiné společnosti – se dnes už všeobecně stabilizovalo.

Míra aktivity bank za krize klesla obzvlášť silně v kapitálově náročných oblastech, jako je tradiční půjčování soukromému sektoru. Účinek byl zřetelný zejména v oblasti půjčování nefinančním společnostem, kdežto půjčování domácnostem – oblast s tradičně nižší mírou internacionalizace – zůstalo robustní.

Tento pokles zčásti vycházel z nárůstu držení zahraničního veřejného dluhu v poměru k dluhu soukromému. Před krizí byly banky často čistým prodejcem dluhopisů zahraničních vlád, kdežto v letech 2008-2009 výrazně zvýšily jejich nákupy. S nástupem krize evropského suverénního zadlužení v roce 2010 zájem bank o veřejný dluh opět opadl.

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