“High inflation is causing large segments of the population,” said Oberbank chief executive Franz Gasselsberger. The bank boss criticizes the government measures. The increased costs are already having dramatic consequences: saving is no longer an option for many.
Oberbank has already opened three branches in Germany this year: in Cologne, Düsseldorf and Cottbus. “We go where there is good football,” says general manager Franz Gasselsberger with a wink. Even if after-tax profits fell in the first half of the year, the Oberbank boss speaks of a “robust operational company”. He is pleased with the increased interest and commission income and the higher shareholders’ equity.
However, high inflation worries him. “Inflation is the dominant problem. Large segments of the population are suffering, a third – especially those in the lower income groups,” said Gasselsberger, who criticized the government’s measures: “I don’t think what the government has done is right. You can’t talk them out of the watering can principle, one receipt follows the other. People don’t even know what they get vouchers for anymore. Still, the mood is getting worse.” He calls for targeted aid for the hardest hit part of the population.
Planned sale of apartments is suspended
The increased costs in almost all areas of life are also noticeable in money behaviour: “Many can no longer save.” According to him, there is currently no increase in overdraft. The high construction costs inhibit the desire to invest in real estate: “People are also withdrawing from planned apartment purchases.”
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
