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Sven Thomann
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1/7
ZKB: Numerous counters are closed.
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Sven Thomann
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2/7
The spread of the virus prompted the bank to temporarily close the counters.
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Sven Thomann
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3/7
However, the customer advisors have their hands full – with the Corona emergency loans.
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keystone-sda.ch
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7/7
The loans are guaranteed by the federal government.
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At Zürcher Kantonalbank (ZKB), the rejection rate for Corona emergency loans is still around 25 percent, as ZKB boss Martin Scholl said in an interview with “NZZ” on Friday. Most of the time, it’s about purely formal mistakes.
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“For example, we didn’t expect how many incorrectly filled out forms we would receive,” said the CEO of the largest Swiss cantonal bank. Many forms therefore created an “additional loop”, which took time and caused a lot of work for the bank. “At the top, we have up to 130 employees processing the requests.”
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In four days, out of a total of around 50,000 small and small business customers, over 6,000 had submitted an application to ZKB and received a loan of around CHF 500 million, said Scholl. He was convinced that it was “the order of the day” to provide the companies with liquidity immediately.
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No alms
Loans are also the right instrument: “If you have a functioning business model, you should be able to repay the loan in five to seven years.” The companies also did not want alms. However, this assessment could change depending on the further course of the crisis, he conceded.
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Scholl did not want to rule out the fact that the loan amount of 20 billion provided across Switzerland might not be sufficient. “At most, more resources are needed now.” In the second phase, you might also have to take a closer look at the applications.
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For the ZKB business, Scholl was satisfied, at least in the short term. The interest rate business is running, while there is a “small dent” in commission income. The trading business also benefits from the fact that volatility on the stock exchanges is high.
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Believe in the future
In the medium and long term, however, everything depends on further development. “And there are scenarios with serious consequences.” Nobody knows what the recovery will look like.
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“If people temporarily lose faith in the future, they may save more and consume less.”
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For banks, there is also the question of whether the crisis will also affect the property market. However, there are still no signs of such a scenario, said Scholl. (sda / ise)
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