At the same time, the crisis has raised all market participants’ risk awareness. Although the possibility of another exaggerated “search for yield” cannot be generally ruled out in future, risk managers can initially be expected to take a more critical stance.
With regard to credit risk, the problem of large holdings of non-performing loans (or NPLs) has become a subject for growing discussion at the European level. However, in Germany, this issue is limited to only a small number of institutions which invested more and more heavily in ships.