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73-564: Haspa has been designated as a Significant Institution since the entry into force of European Banking Supervision in late 2014, and as a consequence is directly supervised by the European Central Bank . Hamburger Sparkasse is a non-listed stock corporation. The legal basis of the Sparkasse is the Haspa statutes (Haspa-Satzung) . For historical reasons, unlike most German Sparkassen , Haspa

146-418: A "poor savings bank". In the first few years, a business policy was pursued under the slogan “Sparkasse for the smallest amounts”, the primary goal of which was limited to deposits of 8 to 30 Kurant-Marks (at that time the common Hamburg currency), which earned interest at 3⅛ percent. The business was initially modest, with two paid employees (bookkeeper and messenger) and six volunteers who were responsible for

219-477: A "prudential backstop," or minimum common loss guarantee for the reserve funds that banks set up to deal with losses from future non-performing loans. If a bank fails to meet this agreed minimum level, deductions are made directly from its capital. In addition to the core SREP process, the ECB is also in charge of assessing banks’ acquisition of qualifying holdings, in accordance with Regulation 1024/2013, Art. 4. Before

292-423: A bank is recognized as significant or when deemed necessary (i.e., in case of exceptional circumstances or when a non-Eurozone country joins the mechanism). Comprehensive assessments require too much resources for them to be conducted annually. Other supervision tools are therefore used on a more regular basis in order to assess how banks would cope with potential economic shocks. As required by EU law and as part of

365-512: A close advisor of BNP Paribas . This group led by de Larosière delivered a report highlighting the major failure of European banking supervision pre-2008. Based on this report, the European institutions have set up in 2011 “The European System of Financial Supervision” (ESFS). Its primary objective was: " to ensure that the rules applicable to the financial sector are adequately implemented, to preserve financial stability and ensure confidence in

438-433: A recapitalization plan for 2015. 0 0 0 0 0 ¹ These banks have a shortfall on a static balance sheet projection, but will have dynamic balance sheet projections taken into account in determining their final capital requirements. 0 0 0 0 0 0 Under the dynamic balance sheet assumption, these banks have no or practically no shortfall taking into account net capital already raised. 0 0 0 0 0 ² Taking into account

511-635: A savings bank, Haspa operates the universal banking business. According to its own information, it is the market-leading bank in the Hamburg metropolitan region for retail customers and medium-sized corporate customers. Against the background of the end of the Napoleonic era and the reorganization of political conditions in Europe by the Congress of Vienna, the "Hamburger Sparkasse von 1827" was founded by Hamburg citizens on

584-577: A stock corporation it is subject to the German stock corporation law. Organs of the Sparkasse are the board of directors, the supervisory board, the general meeting and various advisory boards. Haspa Finanzholding  [ de ] is the only shareholder. The savings bank is divided into different central areas. This includes: It has around 200 branches and customer centres. Other competence centres are dedicated to business start-ups, complex real estate transactions and large customer business. Haspa operates

657-412: A total of around 370 ATMs in the greater Hamburg area. Hamburger Sparkasse AG also has stakes in the following companies: As a savings bank, Haspa operates the universal banking business. According to its own information, it is the market-leading bank in the Hamburg metropolitan region for retail customers and medium-sized corporate customers. Against the background of the end of the Napoleonic era and

730-531: Is divided in two: Finally, Basel III provides additional capital buffers covering more specific risks. European Banking Supervision has been actively involved in the making of Non-Performing Loans action plans. In the ECB guidance recommendations, the SSM, along with the European Banking Authority (EBA), have introduced a new definition of Non-Performing Loans (NPLs) that relates to the optimisation of

803-585: Is not governed by the Sparkassengesetz  [ de ] but by the Aktiengesetz  [ de ] . Haspa provides the universal banking business as a savings bank. According to its data, it is the market leader in the Hamburg Metropolitan Region for retail and medium-sized corporate clients. In contrast to most other savings banks, it is not subject to a savings bank law, but as

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876-497: Is organised by article 26 of the SSM regulation (Council regulation (EU) No 1024/2013). It is composed of all national participating supervisors, a chair, vice-chair and four ECB representatives. These members meet every three weeks in order to draft supervisory decisions then submitted to the Governing Council . The Supervisory Board is assisted in the preparation of its meetings by a Steering Committee. This committee gathers

949-672: Is proportional to the risks they take. This is closely monitored by the supervisory authorities. Since 2016, if the results of the SREP for a bank do not reflect a proper coverage of the risks, the ECB may impose additional capital requirements to those required by the Basel agreement. This agreement provides a minimum capital requirement (called Pillar 1 requirement) of 8% of banks’ risk-weighted assets .  Since Basel II , extra requirements (called Pillar 2 requirements) can be set in order to cover additional risks. This second category of requirements

1022-472: Is the largest savings bank in Germany. It was founded in 1827 in the legal form of the old Hamburg law. In 2003 the bank was separated to a stock corporation and the original Hamburger Sparkasse changed its name to Haspa Finanzholding . Haspa has been designated as a Significant Institution since the entry into force of European Banking Supervision in late 2014, and as a consequence is directly supervised by

1095-431: Is the market leader in the Hamburg Metropolitan Region for retail and medium-sized corporate clients. In contrast to most other savings banks, it is not subject to a savings bank law, but as a stock corporation it is subject to the German stock corporation law. Organs of the Sparkasse are the board of directors, the supervisory board, the general meeting and various advisory boards. Haspa Finanzholding  [ de ]

1168-421: Is the only shareholder. The savings bank is divided into different central areas. This includes: It has around 200 branches and customer centres. Other competence centres are dedicated to business start-ups, complex real estate transactions and large customer business. Haspa operates a total of around 370 ATMs in the greater Hamburg area. Hamburger Sparkasse AG also has stakes in the following companies: As

1241-439: The European Central Bank . Hamburger Sparkasse is a non-listed stock corporation. The legal basis of the Sparkasse is the Haspa statutes (Haspa-Satzung) . For historical reasons, unlike most German Sparkassen , Haspa is not governed by the Sparkassengesetz  [ de ] but by the Aktiengesetz  [ de ] . Haspa provides the universal banking business as a savings bank. According to its data, it

1314-461: The European Commission is in charge of checking the impacts such transactions will have on competition and, therefore, on consumers, the ECB is tasked to monitor the risks entailed by the suggested consolidations. If a transaction includes the acquisition of more than 10% of a bank’s shares or voting rights (i.e., a qualifying holding – Regulation 575/2013, Art. 4(1)36), it must be reported to

1387-468: The European Treaties , non-Eurozone countries do not have the right to vote in the ECB's Governing Council and, in return, are not bound by its decisions. As a result, non-Eurozone countries cannot become full members of the banking union (i.e., they cannot have the same rights and obligations as Eurozone members). However, non-Eurozone EU member states can enter into a "close cooperation agreement" with

1460-480: The Single Supervisory Mechanism (SSM), is the policy framework for the prudential supervision of banks in the euro area . It is centered on the European Central Bank (ECB), whose supervisory arm is referred to as ECB Banking Supervision . EU member states outside of the euro area can also participate on a voluntary basis, as was the case of Bulgaria as of late 2023. European Banking Supervision

1533-473: The financial crisis of 2008 , an increasing number of banks were merging across Europe. This trend stopped as a result of the crisis: between 2008 and 2017, while we saw a decline in the number of cross-border M&As , domestic consolidations (i.e., between two national institutions) rose. In 2016, there were about 6 000 banks in the Eurozone , most of which with a clear focus on their domestic market. Today,

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1606-500: The risks taken by European banks . This process, undertaken annually by supervisors from the ECB and Joint Supervisory Teams, is an essential element of the implementation of the Single Supervisory Mechanism . The aim of the SREP is to make sure that banks remain safe and reliable; that any factors that could affect their capital and liquidity are under control. Today, the capital and liquidity levels of banks are then directly subject to an ECB monitoring system while beforehand it

1679-583: The 130 most significant credit institutions in the 19 Eurozone states representing assets worth €22 trillion (equal to 82% of total banking assets of the eurozone). The supervision report included: Based on these three criteria, the review found that a total of 105 out of the 130 assessed banks met all minimum capital requirements on 31 December 2013. A total of 25 banks were found to suffer from capital shortfalls on 31 December 2013, of which 12 managed to cover these capital shortfalls through raising extra capital in 2014. The remaining 13 banks were asked to submit

1752-711: The Chair and the Vice-Chair of the Supervisory Board, an ECB representative (Edouard Fernandez-Bollo since 2019) as well as five deputies of national supervisors. A division of labour has been established between the ECB and national supervisors. Banks deemed significant will be supervised directly by the ECB. Even though the ECB has the authority to take over the direct supervision of any bank, smaller banks will usually continue to be monitored directly by their national authorities. A total of 115 banks are currently being supervised by

1825-399: The ECB is not new. In November 2016, the ECB wrote in its Financial Stability Review the following sentence with regards to the banking sector: “ Consolidation could bring some profitability benefits at the sector level by increasing cost and revenue synergies without worsening the so-called “too-big-to-fail” problem ” (ECB Financial Stability Review, Nov. 2016, p. 75) This positioning of

1898-422: The ECB's staff, national competent supervisors and experts in the banking field, make the link between the national and supranational levels. There is a JST for each significant banking institution. They act as supporting bodies, responsible mainly for the coordination, control and evaluation of supervisory missions. The Supervisory Review and Evaluation Process, also known as ‘SREP’, is a periodic assessment of

1971-535: The ECB, in favor of bigger and more competitive banks in Europe, translates a certain bias of this institution towards the financial industry. This bias can be explained by different power mechanisms at stake: Hamburger Sparkasse Hamburger Sparkasse AG (Haspa) is one of 5 free public savings banks in Germany based in Hamburg . With a balance sheet total of around 41.9 billion euros and about 5,000 employees, it

2044-536: The ECB. As of late 2022, the ECB directly supervised 113 Significant Institutions in the 21 countries within its geographical scope of authority, representing around 85% of the banking system's total assets (excluding financial infrastructures that are designated as LSIs such as Euroclear in Belgium, Banque Centrale de Compensation in France, or Clearstream in Germany and Luxembourg). European Banking Supervision represents

2117-405: The ECB. This procedure is organised by article 7 of the SSM regulation (Council regulation (EU) No 1024/2013) and the ECB decision 2014/510. In effect, these agreements imply the supervision of banks in these signatory countries by the ECB. A close cooperation agreement can be ended either by the ECB or by the participating non-Eurozone member state. Bulgaria , which is in the process of adopting

2190-565: The ECB; all other banks are supervised by their national supervisor. A bank is considered significant when it meets any of the following criteria: This significance status is subject to change due to, for example, mergers and acquisitions. In 2020, two additional banks (LP Group B.V. in the Netherlands and Agri Europe Cyprus in Slovenia ) have joined the list of banks supervised by the ECB. Joint Supervisory Teams (JST), composed of members of

2263-606: The EU level was the creation of the Lamfalussy Process in March 2001. It involved the creation of a number of committees in charge of overseeing regulations in the financial sector. The primary goal of these committees was to accelerate the integration of the EU securities market. This approach was not binding for the European banking sector and had therefore little influence on the supervision of European banks. This can be explained by

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2336-501: The European banking landscape is composed of banks with a smaller market share at the EU level than what can be observed in the United States. As a result, the European market is said to be more fragmented and therefore less competitive than in the US or Asia. Cross-border mergers in banking would help banks to diversify their portfolio and, therefore, better recover from localized shocks in

2409-404: The SREP, the ECB carries out annual stress tests on supervised banks. In 2016, a stress test was performed on 51 banks, covering 70% of EU banking assets. These banks entered the process with an average Common Equity Tier 1 (CET1, i.e., percentage of Tier 1 capital held by banks) ratio of 13%, higher than the 11.2% of 2014. The test showed that, with one exception, all the assessed banks exceeded

2482-420: The bank must further protect itself by increasing its equity reserve in the event the loan is not paid. The purpose of this procedure is to increase the bank's resilience to shocks by sharing the risk with the private sector. In other words, addressing the problems associated with PNPs in the future is paramount to consolidating the banking union, while developing lending activity. The new provisions put in place

2555-529: The benchmark used in 2014 in terms of CET1 capital level (5.5%). The results of this stress test show that, in 2016, EU banks had a better potential of resilience and shock absorption than in 2014. In 2018, two types of stress tests were performed: an EBA stress test for 33 banks and a SSM SREP stress test for 54 banks. The aggregate results of those tests show that, in 2018, both sets of banks had again strengthened their capital base compared to 2016, increasing their potential of resistance to financial shocks. Due to

2628-480: The capacity of the ECB to monitor 6,000 banks ". The Vice-President of the European Commission at the time, Olli Rehn , responded to that concern that the majority of European banks would still be monitored by national supervisory bodies, while the ECB " would assume ultimate responsibility for the supervision, in order to prevent banking crises from escalating ". The European Parliament voted in favour of

2701-584: The commission, the president of the Central Bank and of the Eurogroup on a preliminary report used as a basis for discussions at the summit. In compliance with the decisions made then, the European Commission published a proposal for a council regulation establishing European banking supervision in September 2012. The European Central Bank welcomed the proposal. Chancellor of Germany Angela Merkel questioned "

2774-566: The completion of the banking union, stalled since June 2022, also includes options for the regulatory treatment of sovereign exposures. The question of supervising the European banking system arose long before the financial crisis of 2007-2008 . Shortly after the creation of the monetary union in 1999, a number of observers and policy-makers warned that the new monetary architecture would be incomplete, and therefore fragile, without at least some coordination of supervisory policies among euro members. The first supervisory measure put in place at

2847-528: The coronavirus pandemic, the 2020 stress test has been postponed to 2021. The results of this test should be published by the end of June 2021. All 20 eurozone member states automatically participate in European Banking Supervision. Croatia , being the latest country to join the Eurozone on 1 January 2023, was accordingly added to the scope of application of European Banking Supervision. Under

2920-624: The deposits and withdrawals. The spatial presence was initially limited to two furnished offices: one each in the town hall and one in the Eimbeck house. From 1847 to 1848, the Hamburg architects Hermann Peter Fersenfeldt and Carl Friedrich Reichardt, built today's Sparkasse building, which was initially used as the Reichsbank headquarters, at Adolphsplatz 2 in Hamburg, directly across from the Hamburg Stock Exchange. A special turning point for

2993-454: The deposits and withdrawals. The spatial presence was initially limited to two furnished offices: one each in the town hall and one in the Eimbeck house. From 1847 to 1848, the Hamburg architects Hermann Peter Fersenfeldt and Carl Friedrich Reichardt, built today's Sparkasse building, which was initially used as the Reichsbank headquarters, at Adolphsplatz 2 in Hamburg, directly across from the Hamburg Stock Exchange. A special turning point for

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3066-626: The development of Haspa in the 1980s came with the end of the so-called savings bank war between Haspa and the state of Schleswig-Holstein. This particularly concerned a conflict in which the Hamburger Sparkasse was prohibited from opening further branches in the communities in Schleswig-Holstein bordering Hamburg. This legal dispute went up to the Federal Administrative Court on a legal level. This highest authority gave Haspa

3139-432: The development of Haspa in the 1980s came with the end of the so-called savings bank war between Haspa and the state of Schleswig-Holstein. This particularly concerned a conflict in which the Hamburger Sparkasse was prohibited from opening further branches in the communities in Schleswig-Holstein bordering Hamburg. This legal dispute went up to the Federal Administrative Court on a legal level. This highest authority gave Haspa

3212-538: The disposal of the NPLs by the banks. The main purpose is to integrate the multidimensional framework that the banks use in their evaluation process in the comprehensive assessment by the Supervisory Authority. A bank loan is non-performing when the 90-day period is exceeded without the borrower paying the due amount or the agreed interest. If customers do not follow the agreed upon repayment terms for 90 days or more,

3285-415: The economy. On the other hand, spreading risks across different geographies could also be a threat to the stability of financial markets: one might, indeed, worry of a potential effect of contagion between regions. Such transactions could also lead to the creation of groups regarded as “ Too big to fail ”, which, in case of systemic crises, would require significant support from the public purse. Following

3358-421: The euro currency, signed a close cooperation agreement with the ECB in 2020. Croatia likewise had a close cooperation agreement with the ECB prior to joining the eurozone. The European Central Bank (ECB) has the leadership in European banking supervision. A strict administrative separation is foreseen between the ECB's monetary and supervisory tasks. However, final decision-making on both matters takes place in

3431-729: The fact that the European treaties did not allow the EU, at the time, to have real decision-making power on these matters. The idea of having to modify the treaties and of engaging in a vast debate on the Member States’ loss of sovereignty cooled down the ambitions of the Lamfalussy process. The financial and economic crisis of 2008 and its consequences in the European Union  incentivized European leaders to adopt a supranational mechanism of banking supervision. The main objective of

3504-454: The financial system as a whole ”. The ESFS brought together, in an unconventional manner, the European and the national supervisory authorities. Despite the creation of this new mechanism, the European Commission considered that, having a single currency, the EU needed to go further in the integration of its banking supervision practices. The idea was that the mere collaboration of national and European supervisory authorities

3577-465: The governance mechanism at stake (e.g. what the skills and experiences of the leadership are). With this communication, the ECB also took the initiative to clarify how it was computing the capital requirements of the new entity and how it would assess the quality of this new body's assets . According to two PwC analysts, the publication of this document by the ECB seems to indicate that it wishes to encourage banking consolidation. This position from

3650-445: The initial and so far most complete component of the broader banking union , a project initiated in 2012 to integrate banking sector policy in the euro area. The unfinished piece of the banking union agenda is about crisis management and resolution, for which the so-called Single Resolution Mechanism coexists with national arrangements for deposit insurance and other aspects of the bank crisis management framework. The policy agenda on

3723-411: The initiative of Senator Amandus Augustus Abendroth . In the spirit of Hanseatic merchants, this was done without a contribution from the city. Surprisingly, it was soon found that not only the financially disadvantaged population was investing their money, but also business people, craftsmen and other tradespeople appeared. This showed that the population had independently modified the original concept of

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3796-641: The legislative proposal on the 12th of September 2013. The Council of the European Union gave its own approval on the 15th of October 2013. The SSM Regulation entered into force on the 4th of November 2014. The fact that European Banking Supervision is formulated as a regulation and not a directive is important. Indeed, a regulation is legally binding and Member States do not have the choice, unlike for directives, of how to transpose it under national law. The ECB published its first comprehensive assessment on 26 October 2014. This financial health check covered

3869-505: The management structure or the need of holding more capital especially in times of financial crisis ). These actions shall normally be fulfilled by the following year. In case of non-compliance with these requirements, the ECB can charge a fine up to the double of the profits (or losses) which have been generated (or caused) by the breach and that can amount up to 10% of these banks’ annual turnover . The ECB can also request national authorities to open proceedings against these banks.  In

3942-456: The national competent authority of the Member State in which the bank is established. This national authority must then conduct an assessment of the deal and forward its conclusions to the ECB, which is the final decision-maker, validating (with or without conditions) or refusing the transaction (Council Regulation No 1024/2013, Art. 15). In 2020, the ECB published a document aiming to clarify

4015-480: The new supervisory mechanism was to restore confidence in financial markets. The idea was also to avoid having to bail out banks with public money in case of future economic crises. To implement this new system of supervision, the President of the European Commission in 2008, José Manuel Barroso , asked a group of experts to look at how the EU could best regulate the European banking market. This group

4088-491: The orderly resolution plan of this institution, which benefits from a State guarantee, there is no need to proceed with additional capital raising. This is the only time where a comprehensive assessment has been done for the 130 banks supervised by the ECB. Since 2014, only a few numbers of banks have been comprehensively assessed by the ECB: 13 in 2015, 4 in 2016 and 7 in 2019. These comprehensive assessments are conducted either when

4161-484: The population had independently modified the original concept of a "poor savings bank". In the first few years, a business policy was pursued under the slogan “Sparkasse for the smallest amounts”, the primary goal of which was limited to deposits of 8 to 30 Kurant-Marks (at that time the common Hamburg currency), which earned interest at 3⅛ percent. The business was initially modest, with two paid employees (bookkeeper and messenger) and six volunteers who were responsible for

4234-526: The potential of reducing the exposure of individual firms to localized shocks, studies show that they also increase systemic risks on financial markets. In the attempt to mitigate those risks, the ECB is, since 2013, responsible (as part of the Single Monitoring Mechanism), with the European Commission , for assessing the soundness of banking mergers (Council Regulation No 1024/2013, Art. 4). While

4307-409: The previous year and  after each cycle, there is an individual evaluation. Based on these assessments and simulations, supervisors write a report on the vulnerability of European banks, with a score ranging from 1 (low risk) to 4 (high risks), and list concrete measures for these banks to take. These measures can be quantitative - related to capital or liquidity, or qualitative (e.g., a change in

4380-495: The reorganization of political conditions in Europe by the Congress of Vienna, the "Hamburger Sparkasse von 1827" was founded by Hamburg citizens on the initiative of Senator Amandus Augustus Abendroth . In the spirit of Hanseatic merchants, this was done without a contribution from the city. Surprisingly, it was soon found that not only the financially disadvantaged population was investing their money, but also business people, craftsmen and other tradespeople appeared. This showed that

4453-496: The right: It is allowed to open branches in the Hamburg area. On that day, the banking operations of Hamburger Sparkasse were transferred to a stock corporation and the company under old Hamburg law was renamed "Haspa Finanzholding". Article contains translated text from Hamburger Sparkasse on the German Misplaced Pages retrieved on 7 March 2017. European Banking Supervision European Banking Supervision , also known as

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4526-636: The same body: the Governing Council. The Governing Council is the main decision-making entity of the ECB. It comprises the members of the Executive Board of the European Central Bank and the governors of all national central banks of the Eurozone 's member states. The Governing council is in charge, based on the opinion drafted by the Supervisory Board, of taking formal decisions with regards to its supervisory mandate. The Supervisory board

4599-468: The terrible consequences of the Lehman Brothers ’ fall in 2008, public authorities seem committed to avoid the collapse of other systemic banks. One of the side effects of these public guarantees is to encourage moral hazard : protected by a public net, these financial institutions are incentivized to adopt riskier behaviors. As this opposition of opinions illustrates, if cross-border mergers might have

4672-401: The then young Sparkasse occurred in 1864. Due to differences in the management board of Haspa in connection with the abolition of the maximum deposit limit - now amounting to 60 marks - the two retired members of the board, Rudolf Martin and F. E. Schlueter, founded the "Neue Sparcasse von 1864" together with Senator Eduard Johns. This division lasted into the second half of the 20th century. It

4745-401: The then young Sparkasse occurred in 1864. Due to differences in the management board of Haspa in connection with the abolition of the maximum deposit limit - now amounting to 60 marks - the two retired members of the board, Rudolf Martin and F. E. Schlueter, founded the "Neue Sparcasse von 1864" together with Senator Eduard Johns. This division lasted into the second half of the 20th century. It

4818-461: The way they were assessing such transactions, with the objective of being more transparent and predictable. Even though transactions are assessed on a case-to-case basis, the supervision process of these deals follow the same three stages: In phase two, the ECB pays particular attention to the sustainability of the suggested business model (e.g., under which assumptions it has been built, what has been planned in terms of IT integration, etc.) and to

4891-658: The worst case scenario, when a bank is likely to fail, the second pillar of the European Banking Union , the Single Resolution Mechanism , enters into play. Eventually, even though the methodology and the timeframe are identical for banks, the actions to take can significantly differ among them as well as the sanctions. As banks can take considerable risks , holding capital is essential to absorb potential losses, avoid bankruptcies and secure people’s deposits . The amount of capital banks should hold

4964-668: Was established by Regulation 1024/2013 of the Council, also known as the SSM Regulation , which also created its central (albeit not ultimate) decision-making body, the ECB Supervisory Board . Under European Banking Supervision, the ECB directly supervises the larger banks that are designated as Significant Institutions. The other banks, known as Less Significant Institutions, are supervised by national banking supervisors ("national competent authorities") under supervisory oversight by

5037-509: Was heterogeneously done at a national level. This evaluation is based on the monitoring of four different areas: In addition, each year, the European Central Bank is, under European Union law , obliged to perform at least one stress test on all supervised banks. This test will be part of the annual SREP cycle. Stress tests are computer-simulated techniques which evaluate the capacity of banks to cope with potential financial and economic shocks . Annual SREP cycles are based on data from

5110-612: Was led by Jacques de Larosière , a French senior officer who held, until 1978, the position of Director General of the Treasury ;in France. He was also President of the International Monetary Fund from 1978 to 1987, President of the “ Banque de France ” from 1987 to 1993 and President of the European Bank for Reconstruction and Development from 1993. On a more controversial stance, Jacques de Larosière has also been

5183-529: Was not enough and that the EU needed a single supervisory authority. The European Commission therefore suggested the creation of the Single Supervisory Mechanism. This proposal was debated at the Eurozone summit that took place in  Brussels on 28 and 29 June 2012. Herman Van Rompuy , who was president of the European Council at the time, had worked upstream with the president of

5256-415: Was not until 1968 that the first steps in the merger of the two savings banks, which took place in 1972, were finally taken, with the decisive efforts of the board spokesman Peter Mählmann. In contrast to the majority of savings banks in Germany under public law, the new “Hamburger Sparkasse” continued to be constituted as a “legal person under old Hamburg law”, as a private savings bank. An important step in

5329-415: Was not until 1968 that the first steps in the merger of the two savings banks, which took place in 1972, were finally taken, with the decisive efforts of the board spokesman Peter Mählmann. In contrast to the majority of savings banks in Germany under public law, the new “Hamburger Sparkasse” continued to be constituted as a “legal person under old Hamburg law”, as a private savings bank. An important step in

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