German Banks See No Need to Hoard Cash at Home Amid Stable Cash Supply
The German credit industry sees no reason to store more cash at home than usual.
“The cash supply in Germany is stable and reliably set up. German banks and savings banks do not see a need to hold cash at home on a larger scale” a spokesperson for the German Credit Industry told the Funke Media Group’s weekend editions.
Recently, the Dutch Banking Association (NVB) appealed to the public to have sufficient cash at home in view of increasing geopolitical tensions, citing the heightened risk of cyber attacks that could disrupt the payment system.
Earlier, the Dutch Defense Minister Ruben Brekelmans had stated that the Netherlands should prepare for all possible war scenarios due to the Russian threat and recommended having cash at home.
The German Credit Industry consists of the Federal Association of German Volksbanks and Raiffeisenbanks, the Federal Association of German Banks, the Federal Association of Public Banks in Germany, the German Savings Banks and Giro Association, and the Association of German Pfandbriefbanks.