The financial services sector is important in Germany, but at about 4% of GDP it is smaller relative to the size of the economy than in the US, UK or Japan. It employs 3.2% of the labour force, according to Eurostat. However, with assets worth nearly seven times GDP, its size does present risks to economic stability.
The country's financial system endured substantial losses, particularly from U& investments, as a result of the global crash in 2008. Conditions have stabilised to a degree and banks have bolstered their capital base over recent years, but the weakness of the German banking sector will remain a concern, given still-modest capital levels, high leverage and dependence on wholesale funding. Somewhat unexpectedly, all of the country's major banks passed the latest set of European stress tests, which were published in October 2014 as part of a "comprehensive assessment" of the euro zone banking sector. The purpose of the exercise was to restore market confidence in euro zone banks prior to the European Central Bank (ECB) taking on a lead role in the sector's supervision. No capital shortfalls were identified in German banks under the "adverse scenario", although some passed by only the narrowest of margins.
Regulation is becoming increasingly focused on the minimum capital that banks must hold. Banking margins will be affected as the requirements of the Basel Committee on Banking Supervision are implemented between now and 2019, stipulating that the quantity and quality of banks' capital must be increased. The rules will also oblige banks to hold more liquid, and probably lower-yielding, assets.

Financial services report 2

Banks 3

Insurers 8

Asset managers 10

Financial markets and instruments 11

Financial regulation 13

Monetary and currency policy 15

Germany at a glance 18

Fundamental indicators 19

Key contacts 20

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