In my view, what would no longer be part of such a business model would be proprietary trading and credit substitution business, nor would the extensive activities in foreign business, as in the past decade, that had no connection with the customers at home.
Domestic commercial real estate financing might likewise be a function that complements the range of services provided by the savings banks. One should not deceive oneself, however. Even if the Landesbanken set themselves up in this way, there will be no getting past a reduction of excess capacities. Whatever the specific details of a realignment, duplication and overlapping of work have to be eradicated.