Foundation for Family Businesses: Cyprus rescue seeds distrust in the currency
Berlin, 17.04.2013

Foundation for Family Businesses: Cyprus rescue seeds distrust in the currency

The Chairman of the Executive Board of the Foundation for Family Businesses, Prof. Dr. Dr. hc Brun-Hagen Hennerkes spoke at the WELT-Monetary Conference, organized by the Foundation for Family Businesses and the daily newspaper"Die Welt". He warned about the serious consequences of the Cyprus-rescue for confidence in the euro. "Whoever strips all savers, up to a certain threshold, of responsibility does something very serious: He sows distrust in the reliability of money. This is a terrible prognosis for future financial crises,". It is not surprising therefore that some bank account holders in Germany are currently withdrawing their deposits.

The Cyprus-rescue dangerously mixes up the roles of the shareholder of a bank and the account holder. The account holder wants to participate primarily in monetary transactions and must be protected. The position of a bank shareholder or bond purchaser, who profits from investment by way of increased dividends and interest income needs to be evaluated differently. "It is only right if he - and not the taxpayer – must also answer for losses," said Hennerkes.

The Foundation for Family Businesses would like to see a smoothly functioning common currency system. "We need a currency, whose open and hidden costs in no way affect the core competitiveness of the German Family Business," demanded Hennerkes.

For more information:

Hartmut Kistenfeger

Head of Communications and Programs

Stiftung Familienunternehmen
Prinzregentenstraße 50, D-80538 Munich

Phone: +49 (0) 89 / 12 76 400 06
Fax: +49 (0) 89 / 12 76 400 09

E-Mail: kistenfeger(at)familienunternehmen.de
Internet: www.familienunternehmen.de

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