7-point plan to strengthen Hamburg as a financial center
Apr 28 2020
Hamburg Finanzplatz Hamburg e. V. has developed a key issues paper for a strong financial center. The paper describes seven measures that are necessary from the point of view of the economy in order to strengthen the financial center together with the acting representatives from politics and administration. The 7-point plan was handed over to the President of the financial authorities yesterday.
Hamburg is one of the leading German and European financial centers. Around 50,000 people work here in this sector, whose services provide an indispensable basis in both business and private life every day: Payment transactions and investment financing, financial investments and the hedging of risks of the most varied kinds are essential building blocks, which are supplemented by a wide range of specialized offers. To illustrate: in 2019, Hamburg banks provided over 200 billion euros in loans to companies, private and public households. Around 17 million citizens are insured with a statutory health insurance company in Hamburg. This fundamental role of the financial sector does not seem to have been sufficiently recognized when looking at the election programs of the parties for the 2020 state elections. The current corona pandemic in particular has emphatically demonstrated the importance of the sector in maintaining economic circulation, securing liquidity and passing on public aid to the real economy.
As a private cluster initiative, Finanzplatz Hamburg e. V. aims to strengthen the location through various activities and an active network, cooperating closely with science, politics and administration. The solidarity between the city and the companies in the banking industry that are part of the Hamburg financial center during the Corona crisis shows that joint commitment to the location secures local employment and value creation. With the digital change, the negative interest rate environment and the constantly increasing regulatory requirements, Hamburg as a financial center faces great challenges, even beyond the management of the Corona consequences.
With the 7-point plan, Finanzplatz Hamburg wants to give impulses to strengthen Hamburg as a financial location together with the acting representatives from politics and administration.