Beruhigend teuer
Im Zuge der Kreditkrise waren einige Lektionen zu lernen, nicht zuletzt was die Bedeutung der Liquiditäts- und Kontrahentenkreditrisiken betrifft. Nach dem Versiegen der Liquidität ist die Finanzierung nun zu einem Schlüsselelement der Bepreisung von Derivaten geworden. Was heißt das für das Bankgeschäft, und welchen Einfluss hat es auf das Wettbewerbsumfeld? Von Duncan Wood
Vor der Kreditklemme agierten die Fachabteilungen der Banken so, als stehe irgendwo im Keller ihres Instituts eine Gelddruckmaschine: Wie viel Kredite oder Geschäfte die Bank auch abschließt - die Maschine druckt immer die erforderlichen Geldmengen. Und damit hatten sie in einem gewissen Sinn ja auch Recht, denn kurzfristige Mittel waren praktisch kostenlos zu haben, und selbst längerfristige Finanzierungen waren günstig. Das ist jetzt völlig anders: Finanzierungen sind teuer und knapp geworden
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