Das Ende der Banken?

BARCELONA: Sind die Banken infolge der aktuellen Finanzkrise dem Untergang geweiht? Die Verbriefung von Hypotheken wurde ursprünglich als Triumph angesehen, weil sie die Risiken auf die Finanzmärkte verlagerte. Die Annahme von Einlagen und die Vergabe und Überwachung von Krediten – die Domäne der traditionellen Banken – galt dagegen als beschränkt und altmodisch. Moderne Banken würden, so dachte man im Gegenteil, würden ihren Finanzbedarf überwiegend auf dem Interbankenmarkt decken und ihre Kreditportfolios zu verbriefen.

In der Theorie sollten solche Banken aufgrund des angeblich äußerst effizienten Interbankenmarktes gegen einen Sturm auf die Kasse immun sein und das Risiko auf Anleger verlagert werden, die bereit sind, es zu schultern. Einlagen würden durch Anlagefonds ersetzt, die, wie man weiß, ebenfalls gegen einen Sturm auf die Kasse immun sind, und das Risiko außerbilanzieller strukturierter Investmentgesellschaften (SIVs) würden die Rating-Agenturen präzise bewerten. Durch all diese Finanzsteuerungsmaßnahmen würden die veralteten Kapitalanforderungen unnötig gemacht, die den Bankbetrieb behinderten.

Die gegenwärtige Krise hat dieses optimistische Drehbuch ausgelöscht. Der Interbankenmarkt ist beinahe zusammengebrochen, weil die Banken einander nicht über den Weg trauen – ganz so, wie wir dazu neigen, dem übereifrigen Verkäufer eines Gebrauchtwagens nicht zu trauen.

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