In their accounts for the 1st quarter German banks will also report further writedowns. Credit markets are only going to bottom out once the US housing market has stabilized. The necessary fresh capital will increasingly be provided via the normal channels – i.e. via private investors and not via government assistance. More than external controls, the painful losses are likely to be incentive enough to tidy up internal systems. Although the dislocations on the capital markets are taking their toll in Germany as well, the upswing remains intact. / Only available in German.