German Banking Industry Committee

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The German Banking Industry Committee (GBIC) (

Bundesbank decision.[1]

History

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]

Structure

The five founding associations are:

  • Bundesverband der Deutschen Volksbanken und Raiffeisenbanken (BVR, lit. 'Federal Association of German co-operative Banks'; est. 1864 as Allgemeiner Verband der auf Selbsthilfe beruhenden Deutschen Erwerbs- und Wirtschaftsgenossenschaften)
  • Bundesverband deutscher Banken (BdB, lit. 'Federal Association of German [commercial] Banks'; est. 1901 as Centralverband des deutschen Bank- und Bankiergewerbes)
  • Bundesverband Öffentlicher Banken Deutschlands
    (VÖB, lit. 'Federal Association of Public-sector Banks'; est. 1916 as Verband deutscher öffentlich-rechtlicher Kreditanstalten)
  • Deutscher Sparkassen- und Giroverband (DSGV, lit. 'German Association of Savings Banks and Money Transfers'; est. 1884 as Deutscher Sparkassenverband)
  • Verband deutscher Pfandbriefbanken (vdp, lit. 'Association of German Covered Bond Banks'; est. 1902 as Sonderausschuss Hypothekenbanken)

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.

Standards in electronic banking

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.

European Economic Area

The creation of 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.

References

  1. ^ The German "Die Deutsche Kreditwirtschaft " is literally The German Services Sector / The German Banking Industry (the German word "-wirtschaft" is an abstract so the definite article "Die" / The needs to be part of the official title). As for English publications the hybrid term "German Banking Industry Committee" is used, even with its own abbreviation GBIC, see for example the 2012 update of the "Interface Specifications for the ZKA Chip Card" (PDF). Die Deutsche Kreditwirtschaft. 2012-02-20. Archived from the original (PDF) on 2016-03-04. Retrieved 2012-12-23.
  2. ^ "Central Credit Committee" is the official English name used in publications of the ZKA
  3. ^ "Über uns - Deutsche Kreditwirtschaft".

External links

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