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Saturday 26th of February 2011
December 2, 2009    

Credit mediator to be appointed in Germany to prevent another credit crunch

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by Kay Murchie
Credit mediator to be appointed in Germany to prevent another credit crunch

The German Government has named Joachim Metternich as the country’s new credit mediator in a bid to boost business lending.

Mr Metternich, who currently heads up the public investment bank for the western German state of Rhineland-Palatinate, will take up his role in March 2010.

The appointment comes after Germany’s Economy Minister, Rainer Bruederle, and German Chancellor, Angela Merkel, both warned that a generalised credit crunch was possible next year.

In an interview with the public television channel ZDF, Mr Bruederle said: “They [banks] should be giving out more credit. If they don’t do this the government can resort to regulatory measures.”

Mr Metternich’s role will see him help Germany’s small and medium-sized enterprises obtain loans.

A statement said he will be based in Frankfurt and be charged with “compiling complaints from companies seeking external funding and finding constructive solutions with credit institutions.”

France has already appointed a credit mediator and has proved to be a “great success”, according to Mr Bruederle.

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