Wie sich die Kreditvergabe erhöhen lässt

CHICAGO: In der Politik herrscht derzeit wenig Neigung, den Bankensektor weiter zu unterstützen. Ein Grund hierfür ist, dass Banken, die im Rahmen der ursprünglichen Rettungspakete Geld erhielten, ihre Kreditvergaben anscheinend nicht erhöht haben – und ohne derartige Ausweitung der Kreditvergabe dürften geld- und fiskalpolitische Konjunkturimpulse wenig Erfolg haben. Doch damit die Banken wieder anfangen, Kredite zu vergeben, bedarf es vielleicht sogar noch weiterer Interventionen.

Um dies zu verstehen, muss man begreifen, warum die Banken noch immer so zögerlich agieren. Ein möglicher Grund ist, dass sie sich über die von ihren Kunden ausgehenden Kreditrisiken Sorgen machen; allerdings müssten diese extrem hoch sein, um die komplette Einstellung langfristiger Kreditvergaben zu rechtfertigen. Eine zweite Möglichkeit ist, dass die Banken sich Sorgen machen, ob sie genug liquide Mittel haben, um die Forderungen ihrer eigenen Kreditgeber zu erfüllen, falls sie ihr Geld in langfristigen Krediten binden. Doch die vielen weltweit von den Zentralbanken eingerichteten Kreditfazilitäten sollten diese Bedenken ausräumen, vor allem, was die großen, gut kapitalisierten Banken angeht.

Andererseits: Vielleicht spiegelt die Abneigung der Banken, Kredite zu vergeben, auch deren Furcht wider, nicht ausreichend Geld zur Verfügung zu haben, falls sich die Anlagechancen weiter verbessern. Vikram Pandit, CEO der Citicorp, hat dies mehr oder weniger eingeräumt, als er erklärte, es sei lukrativer, Kredite am Markt zu kaufen, als sie selbst zu vergeben. Und der Kauf von Krediten könnte sich weiter verbilligen!

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