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Germany 'faces new credit crunch' Germany 'faces new credit crunch'
(about 13 hours later)
Germany's Economy Minister Rainer Bruederle has warned that German firms face another credit crunch if the country's banks do not lend more.Germany's Economy Minister Rainer Bruederle has warned that German firms face another credit crunch if the country's banks do not lend more.
In a television interview he said: "They should be giving out more credit. If they don't do this the government can resort to regulatory measures."In a television interview he said: "They should be giving out more credit. If they don't do this the government can resort to regulatory measures."
Mr Bruederle also announced that he had appointed a "credit mediator" to work with banks and companies. Mr Bruederle has also appointed a "credit mediator", Joachim Metternich, to work with banks and companies.
Chancellor Merkel will meet banking leaders to discuss the issue in Berlin. The government hopes that Mr Metternich will make loans more easily obtainable.
She is particularly concerned about the availability of credit to Germany's small and medium-sized firms that make up most of country's economy. A statement said the new "credit mediator" would be charged with "compiling complaints from companies seeking external funding and finding constructive solutions with credit institutions".
The new credit mediator is Joachim Metternich, who currently heads up the public investment bank for the western German state of Rhineland-Palatinate. His new position will start in March. Mr Bruederle said that France had already introduced the role "with great success".
The government hopes that Mr Metternich will makes it easier for the firms to get loans at reasonable rates. German Chancellor Angela Merkel discussed the issue of business finance with bankers and industry leaders in Berlin on Wednesday.
A statement said he would be charged with "compiling complaints from companies seeking external funding and finding constructive solutions with credit institutions". Mrs Merkel and ministers met company bosses, union representatives and bankers to discussed an idea suggested by Deutsche Bank chief Josef Ackermann for banks to set up an emergency fund for small and medium-sized firms to ease their capital access issues.
Mr Bruederle said France had already introduced the role "with great success".