European aerospace group EADS may get its own banking licence amid concerns about rating downgrades in Europe’s banking sector, departing chief financial officer Hans Peter Ring told German daily Financial Times Deutschland.
“The issue of a bank licence is one of the options we are evaluating in light of the current market situation,” he said. “In many cases we have a better rating than our partner banks.”
Getting its own banking licence would allow EADS to follow in the footsteps of engineering companies such as Siemens to tap the European Central Bank’s low-interest loan programme directly, skirting the banking sector and developing new sources of financing, Reuters reports.
The potential move signals a further shift in the balance of power between the ‘real economy’ and the financial sector as the euro zone crisis roils markets.
“My main concern is the ratings downgrades of some banks, even ahead of any risks to the development of the A350,” Ring told the paper.
EADS has now set credit limits for each bank it deals with as a way to manage its exposure to the financial sector, Ring told the paper.