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City of Hamburg and financial sector show solidarity © www.mediaserver.hamburg.de/Christian Spahrbier

City of Hamburg and financial sector show solidarity

Sector, tax authorities to implement protective shield for the corona-impacted

The corona protective shield announced Monday (March 23, 2020) will see the Hamburger Sparkasse, the Hamburger Volksbank, the Investitions- und Förderbank (IFB), the Bankenverband Hamburg and Finanzplatz Hamburg as well as the Ministry of Finance forge intense collaborations to assist companies and institutions impacted by the corona crisis.

Joint action and assistance

“To absorb the economic and social consequences of corona, we must and will all help tackle the problem,” said Dr. Andreas Dressel, Senator of Finance. Protecting employees and companies of all sizes and across all sectors is important. “Now in particular, the banks are of crucial importance. It is a very good sign that all the major players in Hamburg’s financial sector have pledged their support today. We are sending a signal to the city that business and society can rely on the assistance promised by politicians and banks. This creates trust and confidence along the difficult path ahead. Hamburg’s Ministry of Finance and the financial sector will follow this path keenly and hold close talks.”

Protection for self-employed and companies

The joint declaration by the Hamburger Sparkasse, Hamburger Volksbank, Investitions- und Förderbank, Bankenverband Hamburg und Finanzplatz Hamburg as well as the Ministry of Finance, says: “We want to exhaust every opportunity and use aid in collaboration with the German government, the states, KfW and IFB’s loans and especially the ministries of finance and economics to help companies in Hamburg. By joining forces with the federal, state and financial ministries, we are showing clearly: ‘We will not abandon the many self-employed, companies of all sectors and sizes in this difficult situation! The support measures will be well co-ordinated and offered, for example, “as loans from a single source”.
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Sources and further information:
Declaration l Hamburger Schulterschluss zwischen Stadt und Finanzwirtschaft

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