Banks and Consumers

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BANKS AND CONSUMERS further exacerbated if a state’s consumer policy is linked with other political aims – be they social, cultural or environmental. This ultimately robs consumers of their autonomy, and the state-regulated supply of goods and services may not match their needs at all. Suppliers, meanwhile, may be burdened with very high compliance costs. quality management, supplier-independent consumer information or product certification are preferable to legal rules and regulations. State regulation should therefore confine itself to the necessary minimum, because, as everyone knows, too much of any medicine is poisonous. To minimise this conflict as much as possible, an economically effective consumer policy should be based strictly on the principle of subsidiarity. In concrete terms, this means that extensive voluntary, market-oriented measures such as in-house 14
BANKENVERBAND THE ECONOMIC IMPORTANCE OF THE BANKING INDUSTRY – A KEY SECTOR OF THE ECONOMY The banking industry is one of the major sectors of the German economy. Its contribution to gross value added is just over 2.4%. a) Banks’ economic output is comparable to that of the metalworking industry, the chemical industry or energy and water suppliers. As employers too, banks play an important role in the economy: 663,000 people, or almost 2% of the total workforce, are employed in the banking industry. b) But it is not true, as is sometimes claimed, that the financial sector (banking and insurance industries) has grown more quickly than the rest of the economy. In Germany, its contribution to gross value added has remained static for a long time. At the end of 2009, loans by German banks to non-banks totalled € 3.2 trillion while total deposits by non-banks amounted to € 3 trillion. At € 7.5 trillion, the total assets of German banks are second only to those of banks in the UK, with London as its international financial centre. If deposits are considered in relation to overall economic output, the German banking sector in 2009 ranked third behind the UK and Spain in the league table of big European nations. And when it comes to total bank lending to non-banks as a proportion of GDP, Germany came in fourth in 2009 behind Italy, Spain and the UK. c) Source: a) Federal Statistical Office 2010 (share of gross value added in 2008). b) Arbeitgeberverband der privaten Banken (employers’ association representing the private banking sector); figures as at 31 December 2009. c) IFD, 2010 Financial Sector Report. 15
Page 1: BANKS AND CONSUMERS The comprehensi
Page 5: Contents I Banks and consumers - a
Page 8 and 9: BANKS AND CONSUMERS I Banks and con
Page 11 and 12: BANKENVERBAND II What is consumer p
Page 13: BANKENVERBAND lasting business rela
Page 17 and 18: BANKENVERBAND customers. Some clien
Page 19: BANKENVERBAND financial services ar
Page 22 and 23: BANKS AND CONSUMERS III Consumer po
Page 24 and 25: BANKS AND CONSUMERS CERTIFICATES Ce
Page 26 and 27: BANKS AND CONSUMERS which the recom
Page 28 and 29: BANKS AND CONSUMERS 3 Partners for
Page 30 and 31: BANKS AND CONSUMERS 4 Future develo
Page 32 and 33: BANKS AND CONSUMERS Ordinance comes
Page 34 and 35: BANKS AND CONSUMERS 2009 The Single
Page 37 and 38: BANKENVERBAND IV The private commer
Page 39 and 40: BANKENVERBAND PROMOTING ECONOMIC LI
Page 41 and 42: BANKENVERBAND Internet Teachers and
Page 43 and 44: BANKENVERBAND Conversely, some type
Page 45 and 46: BANKENVERBAND But information provi
Page 47 and 48: BANKENVERBAND If an order cannot be
Page 49 and 50: BANKENVERBAND EUROPEAN STANDARDISED
Page 51 and 52: BANKENVERBAND 3 Transparency in con
Page 53 and 54: BANKENVERBAND guarantees are now us
Page 55 and 56: BANKENVERBAND European Code of Cond
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Page 61 and 62: BANKENVERBAND standard practice in
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BANKENVERBAND − At European level
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BANKENVERBAND DEPOSIT PROTECTION De
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BANKS AND CONSUMERS V Towards a sin
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BANKS AND CONSUMERS so far as the o
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BANKS AND CONSUMERS − to protect
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BANKS AND CONSUMERS it that, after
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BANKS AND CONSUMERS having to condu
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VI Requirements for a forward-looki
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BANKENVERBAND There can be no blank
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BANKENVERBAND 2 Uniform basic princ
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BANKENVERBAND for consumers, withou
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BANKENVERBAND shaping the customer-
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BANKS AND CONSUMERS VII Annex Rules
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BANKS AND CONSUMERS (2) Formal prel
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BANKS AND CONSUMERS b) Ombudsman de
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© Bank-Verlag Medien GmbH 40.001 (
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40.001 (01/12) Cost of Bank Service
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BANKS AND CONSUMERS Useful internet
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BANKS AND CONSUMERS The “fokus:ve
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www.germanbanks.org Wie erreichen S
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