The German Banking Industry Committee (GBIC) (German : Die Deutsche Kreditwirtschaft / DK), known until 2011 as the Central Credit Committee (German : Zentraler Kreditausschuss / ZKA) is an industry association of the German banking industry. Its decisions are held normative for the national banking sector – either directly by interbank treaties or indirectly by preparing a corresponding ministerial or Bundesbank decision. [1]
The Central Credit Committee was founded in 1932 as a common interest group of the five federal interest groups that represent the financial sector in Germany.
Until August 2011, the association was known as the Central Credit Committee [2] (German : Zentraler Kreditausschuss / ZKA) when it adopted a new name (after almost eighty years). [3]
The five founding associations are:
By indirection of these associations the Central Credit Committee represents 2,300 financial institutions (2005). The committee itself is not an institution – it is neither registered, nor does it have a postal address. The committee presidency changes annually rotating among the associations for private banks, for savings banks and for co-operative banks.
The Central Credit Committee resolves "common statements" (decided unanimously) representing the view of the German banking industry on a topic. The statements are published thereby influencing decisions of other institutions like the Federal Financial Supervisory Authority, the Bundesbank or decision-making bodies of the European Union. Publication and press releases are the main task of the presiding association.
Additionally the Central Credit Committee supervises joint committees of the German banking industry like the Central Competition Committee (Zentrale Wettbewerbsausschuss) or the Working Group on Automatic Teller Machines.
The Central Credit Committee has created the standards in electronic banking which are resolved by proposing agreements (Abkommen) that are joined by the banking institutions. Banking institutions that are members of one of the associations in the ZKA are naturally bound to join these.
The creation of the single market of the European Union (1993) and the introduction of the Eurozone (1999/2002) has made for a shift to make decisions on a European scale. As a consequence the European Committee for Banking Standards (ECBS) was founded in December 1992 and the European Payments Council (EPC) was created in summer 2002. These drive the development of the Single Euro Payments Area (SEPA) and the ZKA is supervising the EPC working groups by creating their own ZKA working groups mirroring the structure of the EPC.
The International Bank Account Number (IBAN) is an internationally agreed system of identifying bank accounts across national borders to facilitate the communication and processing of cross border transactions with a reduced risk of transcription errors. An IBAN uniquely identifies the account of a customer at a financial institution. It was originally adopted by the European Committee for Banking Standards (ECBS) and since 1997 as the international standard ISO 13616 under the International Organization for Standardization (ISO). The current version is ISO 13616:2020, which indicates the Society for Worldwide Interbank Financial Telecommunication (SWIFT) as the formal registrar. Initially developed to facilitate payments within the European Union, it has been implemented by most European countries and numerous countries in other parts of the world, mainly in the Middle East and the Caribbean. As of May 2020, 77 countries were using the IBAN numbering system.
Electronic cash was, until 2007, the debit card system of the German Banking Industry Committee, the association that represents the top German financial interest groups. Usually paired with a transaction account or current account, cards with an Electronic Cash logo were only handed out by proper credit institutions. An electronic card payment was generally made by the card owner entering their PIN at a so-called EFT-POS-terminal (Electronic-Funds-Transfer-Terminal). The name "EC" originally comes from the unified European checking system Eurocheque. Comparable debit card systems are Maestro and Visa Electron. Banks and credit institutions who issued these cards often paired EC debit cards with Maestro functionality. These combined cards, recognizable by an additional Maestro logo, were referred to as "EC/Maestro cards".
A giro transfer, often shortened to giro, is a payment transfer from one bank account to another bank account and initiated by the payer, not the payee. The debit card has a similar model. Giros are primarily used in Europe; although electronic payment systems exist in the United States and Canada, it is not possible to perform third-party transfers with them. In the European Union, there is the Single Euro Payments Area (SEPA), which allows electronic giro or debit card payments in euros to be executed to any euro bank account in the area.
The Scout movement in Germany consists of about 150 different associations and federations with about 260,000 Scouts and Guides.
The Single Euro Payments Area (SEPA) is a payment-integration initiative of the European Union for simplification of bank transfers denominated in euro. As of 2020, there were 36 members in SEPA, consisting of the 27 member states of the European Union, the four member states of the European Free Trade Association, and the United Kingdom. Some microstates participate in the technical schemes: Andorra, Monaco, San Marino, and Vatican City.
The Eurocheque was a type of cheque used in Europe that was accepted across national borders and which could be written in a variety of currencies.
The payment card industry (PCI) denotes the debit, credit, prepaid, e-purse, ATM, and POS cards and associated businesses.
The European Association of Co-operative Banks (EACB) is the leading trade association for the co-operative banking sector with 27 member institutions and co-operative banks located in 22 countries worldwide. As the representative of the world's largest cooperative banking cluster, the EACB promotes the interests co-operative banks, or banks that provide access to finance at the local level with a relatively small investment.
The German Olympic Sports Confederation was founded on 20 May 2006 by a merger of the Deutscher Sportbund (DSB), and the Nationales Olympisches Komitee für Deutschland (NOK) which dates back to 1895, the year it was founded and recognized as NOC by the IOC.
German public banks together represent a major share of the German banking sector, unlike in most other European Union countries where most banks belong to the private sector. According to the OECD, the German public banking system had a 40% share of total banking assets in Germany in 2010.
Banking in Germany is a highly leveraged industry, as its average leverage ratio as of 11 October 2008 is 52 to 1 ; its short-term liabilities are equal to 60% of the German GDP or 167% of its national debt.
girocard is an interbank network and debit card service connecting virtually all German ATMs and banks. It is based on standards and agreements developed by the German Banking Industry Committee.
The Electronic Banking Internet Communication Standard (EBICS) is a German transmission protocol developed by the German Banking Industry Committee for sending payment information between banks over the Internet. It grew out of the earlier BCS-FTAM protocol that was developed in 1995, with the aim of being able to use internet connections and TCP/IP. It is mandated for use by German banks and has also been adopted by France and Switzerland.
The Association of German Banks is the association of private banks in Germany and the main lobby group for Germany's financial sector. In the traditional pillar system of the German banking industry this represents all banks that have evolved from merchant banks unlike the co-operative branch or regional state banks. The association is a member of the Central Credit Committee governing the banking industry in Germany and a member of the European Banking Federation. The President of the association is Hans-Walter Peters.
The German Cooperative Financial Group, German: Genossenschaftliche FinanzGruppe Volksbanken Raiffeisenbanken, sometimes referred to in English as "Volksbanken Raiffeisenbanken Cooperative Financial Network", is a major cooperative banking network in Germany that includes local banks named Volksbanken and Raiffeisenbanken, the latter in tribute to 19th-century cooperative movement pioneer Friedrich Wilhelm Raiffeisen. The Cooperative Group represents one of the three "pillars" of Germany's banking sector, the other two being, respectively, the Sparkassen-Finanzgruppe of public banks, and the commercial banking sector represented by the Association of German Banks.
EBA Clearing is a provider of pan-European payment infrastructure wholly owned by shareholders that consist of major European banks.
The Deutsche Apotheker- und Ärztebank eG is a cooperative bank headquartered in Düsseldorf.
The Deutscher Musikrat is an umbrella organization for music associations and the 16 music councils of the German federal states. It represents over 14 million music-loving citizens who, for professional reasons or as amateurs, are affiliated with the Musikrat and its member organizations. With more than 100 member associations, institutions and numerous personalities, it acts, together with its projects and support measures, as an advisor and competence centre for politics and civil society.
The Sparkassen-Finanzgruppe is a network of public banks that together form the largest financial services group in Germany and in all of Europe. Its name refers to local government-controlled savings banks that are known in German as Sparkasse, plural Sparkassen. Its activity is overwhelmingly located in Germany.
Inner German relations, also known as the FRG-GDR relations, East Germany-West Germanyrelations or German-German relations, were the political, diplomatic, economic, cultural and personal contacts between the two countries Federal Republic of Germany (FRG) and German Democratic Republic (GDR) at the time of the West-East division between 1949 and 1990.