ECONOMY

Germans to help create savings banks

German experts are preparing to help in the creation of savings bank networks in Greece’s regions.

Addressing an event organized by the German-Hellenic Chamber of Commerce and Industry in Athens, the head of the German Savings Banks Association offered its assistance for the immediate creation of similar local savings banks networks in Greece to those that exist in Germany, in cooperation with the German-Hellenic Chamber.

Association president Georg Fahrenschon said: “At first we are examining with our Greek partners the creation of two units, in Central Macedonia and in the Peloponnese. We are also preparing to establish an association of savings banks in Athens that will coordinate the cooperation and the foundation of new banks.”

He stressed that this will require long-term planning as “loans in Greece will not start getting issued from tomorrow, but we do believe that the country has earned this long-term prospect.” Fahrenschon added that the model he is proposing is aimed at small and medium-sized enterprises. The networks will be locally organized with members cooperating with each other and funded by local depositors.