Finanzstabilität: Risiken bei Immobilien, Krediten und Schattenbanken nehmen zu
Die Gefahren für das Finanzsystem sind größer geworden, warnt die Bundesbank in ihrem Finanzstabilitätsbericht. Vor allem die Lage bei Immobilienfonds sieht sie kritisch.
The Deutsche Bundesbank has issued a warning about heightened risks to financial stability, citing increased credit risks, high valuations on financial markets, risks in real estate financing, substantial government debts, and the growing influence of private credit from shadow banks. The bank's assessments of danger have risen in several sectors compared to the previous year.
Bundesbank Vice-President Michael Theurer stated, "The risks to financial stability remain elevated" during the presentation of the Financial Stability Report in Frankfurt. The report highlights risks in commercial real estate, where vulnerabilities remain pronounced, and potential price declines could occur due to interest rate hikes or "selling pressure from the real estate fund sector."
Risks have notably increased in the context of real estate funds. The Bundesbank noted that "liquidity conditions in the real estate fund sector are strained," as increased fund withdrawals have occurred since mid-2023. Some funds have been forced to delay or impose restrictions on withdrawing shares. The report warns that forced sales could further burden the commercial real estate market.
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