Die Stellung der einzelnen Bankengruppen am deutschen Geldmarkt

Abstract

The Position of the Various Banking Groups on the German Money Market

In this context the term “money market” is used in the sense of dealings in central bank money between commercial banks for the purpose of liquidity adjustment. Only relatively few institutions take part in daily money market trading. A large proportion of day-to-day liquidity adjustments are carried out by way of internal money transactions through the system’s own top institutions. The differing positions of the various banking groups is attributable to different liquidity conditions, and the latter are due to the different clientele and business structures. A position on the money market is characterized by two things. Money market engagement (sum of money market claims and liabilities) and money market status (balance of money market claims and liabilities). For the money market engagement the decisive factor is the amplitude of liquidity fluctuations, while for the money market status it is the preponderance of fluctuation in one direction. The more one-sided the clientele structure and the shorter the terms of the business structure, the greater will the role of a banking group tend to be on the money market. In addition, however, certain peculiarities and liquidity conditions and special features of liquidity policy of the banking groups are also of significance. The biggest money-lenderson the money market are the savings bank sector, the mortgage banks and the co-operative sector. The money marekt borrowers comprise mainly the regional banks and private bankers, but frequently also the major banks