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By Stephen F. Frowen, Francis P. McHugh

Recent a long time have visible a pointy raise in monetary pageant, intensified through globalization. over the top risk-taking resulting in inevitable company disasters from time to time reached being concerned proportions. This quantity makes an attempt to research and clarify monetary marketplace advancements on the flip of the millennium with detailed connection with the united kingdom and Germany. The emphasis of the papers is at the desire for larger responsibility and a extra moral method of monetary decision-making.

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Extra info for Financial Competition, Risk and Accountability: British and German Experiences

Sample text

Classical lending continues, of course, but is becoming less and less profitable. Competition to attract big customers – but also small and medium-sized enterprises – is extremely tough. Long-standing relationships between banks and their customers are little protection against competition in either case. Squeezed margins, the need to invest in technology and in building up areas of business with high earnings potential, growing competition from non-banks such as credit card companies and financial subsidiaries of industrial companies, and soon from the internet – all this points in one direction: economies of scale are becoming more important.

New market segments for risk capital, the plans to permit the creation of Anglo-Saxon-type pension funds, the growth of investment funds in general, the diversification of international investors into European and German equities, the debate over the significance of shareholder value as a maxim of corporate governance: these developments have not yet created as strong an equity culture as seen in the Anglo-Saxon countries, but the era of corporate financing through bank lending alone is over. Germany’s stockmarket capitalisation, still at a very low level, has the potential to reach great heights.

Investment banking and asset management are becoming more important, and trading and commission business in the securities markets are making an increasing contribution to operating profits. Classical lending continues, of course, but is becoming less and less profitable. Competition to attract big customers – but also small and medium-sized enterprises – is extremely tough. Long-standing relationships between banks and their customers are little protection against competition in either case. Squeezed margins, the need to invest in technology and in building up areas of business with high earnings potential, growing competition from non-banks such as credit card companies and financial subsidiaries of industrial companies, and soon from the internet – all this points in one direction: economies of scale are becoming more important.

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