Deutsche Bank AG - Historische Gesellschaft der Deutschen Bank e.V.

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a new generation of teachers and government employees and becoming organized in ecological fringe parties, the approaching crisis was for a long time not perceived, in a period of regained pros- perity and material saturation, by the broad centre of the social spectrum or the big political parties represen ting it As Koselleck already noted in connection with the first modern crisis, i e. the developments leading up to the French revolution, the heralds o f progress, could "notget a clear view of thephenomenon o f crisis as such. No crisis is accessible to planning, to rational steering rooted in blind faith in progress, "With that, howevel; given growi~g s ymptoms of crisis, the emergence of the ecological movement at the fringes was inevitable, and hardly a decade a fter their appearance the 'Green Party" had become a polit~cal factor firmly established in parliament (1980). Environmental catastrophes such as Chernob yl and Bhopal, the chemicals accident in Basle, oll spills like the Valdez disaster in Alaska, the plague ofalgae in the Mediterranean, and media dissemi- nation of ecological issues such as acid rain, the IOSS of woods, destruction of tropical rain forests, the hole in the ozone layerand the greenhouse ef- fect have meanwhile resultedin society in its entire breadth being en veloped b y a widespread though largely unconsidered awareness, emanating from the activist fringe groups, of an environment in crkis. Corresponding to this - as a result of a superficial search for the causes - there emerged an abstract hostility towards technolog~ aimed above all at industrial processes and those who carry them out, but not, on the other hand, at theirpro- ducts. In the USA., 41 % of all Americans inter- viewed in 1981 in a regular pol1 agreed with the Statement that protecting the environment was so important [hat requirements and standards could not be too high and continuing environmental im- provements must be made regardless of cost. In June 1989, despite all e fforts made during the decade in environmental protection, the proportion o f interviewees agreeing with this radical statement had increased to 79%.7 lt fits in with this that the protection of the environment should have developed from a topic for quickly expanding fringe groups into a centralpol- itical issue for allparties. The question to be asked, however; is what surveys like those quoted a bove - polls in the Federal Republic show the same re- sults - tell us about the achievements of the steadily gro wing activities in en vironmental protection. Rapidly expanding environmental departments at central, regional andlocallevelanda rising flood o f acts and statutory orders to regulate ecological matters in alt areas of life are characteristic of the development. But it harbours far-reaching dan- gers: inadequate attention to long-term issues for the sake of quick political success, mismanage- ment o f economic processes, covert asph yxiation of the market economy by a new and ever more comprehensive burea ucratic administered econ - omy: Attempts at steering by ad hoc regulations necessarily involve economic risks. These become even greater when - implicit in the democratic
process - populist motives influence the steering efforts and a lack of knowledge or the over-simpli- fication of highly complex causal chalns in political Programmes compo und the dificulties. A look at present issues in the political discussion on environmentalprotcction reveals the varlous dimensions o f the problem. State intervention in biotechnolog~ genetic research and animal testing eventually blocks economically important capital investment and leads to the expatriation of high-value ~obs. The stigmatization o f the nuclear industr~ particularly nuclear power sta tions, leads to the exclusion of important decision-making criteria from the planning of future energy polic~ Restrictions on intensive animal husbandry to re- duce the burden on the en vironment fail to achieve their purpose and the necessary acceptance if they are purely quantitative, i e. limit absolute numbers, rather than qualitative, i e. establish manure processing standards. The draft of a new German environmental-liability la W reverses a traditional legal principle to the detriment o f the entrepreneur as plant Operator; thereby creating newand costly insurance requirements but no improvement in the en vironment given comprehensive state plant supervision. Here, as in other cases, the desire for the widest-possiblc protection o f thc environment collides wlth misin forma - tion about ecological and economic relationships and regulatory possibilities, and notseldom simply with a lack of specializcd knowledgg or with massive group in terests. In addition, there is the ~roblem that measures which shou/dbe dedicatedpr,mar,/y to safeguarding the conditions in which the nextgeneration will ~ccriv; live are, for political reasons, geared to the present. A cautioning example from a different field is the problem o f fiil filling the "genera tions con tract " in our pcnsion insurance System, which is still unre- solved despite our knowledge of al/ the criteria relevant to the decisions; the consequences for thc socio-political behaviour of those affected are still to be seen. At the end of the road are the consequences of overregnlation. lt is generally acknowlcdged that the recovery and revitalization of the Western economies since the middle of the eighties has been partly a result of the deregulation and liberali- zation process initiated in the US.A. In thc mean- time, howevet; the dominant rote which the en vironment has assumed as a field for political action b y parries has found in the desire for all-embracing en vironmental protection a powerful and vote- catching motive for more and more administrative regulations entailing corresponding growth in the bureaucrac y needed to implement and monitor it and also in state spending to finance it. Any extrapolation of this development leads to an administrative dcmocracy which is expensive and therefore threatencd by mflation and at the same time ineficient, because it paralyzes market mechanisms, entrepreneurial planning and capitat investmcnt initiatives as well as the goodwill of the ~ndl vldual. The sa feguarding and improvement Accord~r~g io murwvbv tt,e Lo/Ic/o/? SMC/;I~ I N , lii 7 198.9, MIV i2 M1 U/ 75 B~IIISII MI5 CCILI/CI itrtswcr IIVC /CI~JIC~~I/ C{~IC~!,/ICIII:, ur.1 C~IVIII~IO~~~I.,I~~;?/ 0f30 MP'S WI,O riesosbed r/ie~~ise/ves i)S ,;r,~ee~i,: .3 CO~~IT~ (jO ,so. ~.III.)/I?(~II~II (>(.I/-
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Deutsche Bank at a glance Deutsche
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Alfred Herrhausen Commitment was th
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Honorary President Hermann J. Abs,
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Board of Managing Directors Rolf-E.
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General Economic Situation Sustaine
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International bond markets: the vea
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Deutsche Bank - Your Partner Worldw
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Development of Deutsche Bank Group
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In 1989, Deutsche Bank AG received
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Deposits business: demand for highe
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We arranged three medium-term notes
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The steadily growing demands placed
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It is with deep regret that we repo
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End of 1%9 End of 198B Change DM m.
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Commission surplus on services busi
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Report of the Supervisory Board
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Deutsche Bank AG EI Annual Balance
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Balance Sheet as of December 31, 19
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Profit and Loss Account for the per
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Growth of Capital and Reserves .- .
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y up to an aggregate DM 500,000,000
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Honorary President Hermann J. Abs C
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Deutsche Bank AG EI Report of the G
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Consolidated companies The Consolid
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At BAI Factoring S.p.A., Milan, the
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and increased profits from foreign
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to DM 133.0 m. A dividend of 18% wa
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and reserves again stand at DM 55 m
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Fefa Beteiligungsgesellschaft mbH,
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complies with the provisions of the
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Loans to corporate customers grew b
Page 70 and 71: Consolidated Profit and Loss Accoun
Page 72 and 73: On the basis of resolutions by the
Page 74 and 75: Assets Deutsche Bank Aktiengeseiisc
Page 76: Assets Consolidated Balance Sheet B
Page 79 and 80: for the period from January 1 to De
Page 81: Figures from the Consolidated Balan
Page 85 and 86: Shareholdings of Deutsche Bank AG p
Page 87 and 88: Dt:iiicct-ie Batik Gestion S A . Pa
Page 89 and 90: LI & L Holding(lc:st:llst:I-iafl rr
Page 91 and 92: . .- -. .- ...... ...... . K) dccl;
Page 93 and 94: Group Coordinators and Executive Vi
Page 95 and 96: Executive Vice Presidents and Senio
Page 97 and 98: (;i(::,:,(:ri I 1i:rk)orii (l.)iIlk
Page 99 and 100: Subsidiaries: Deutsche Bank Berlin
Page 101 and 102: Switzerlarid Dt:irische Bank (Suiss
Page 103 and 104: L)H Asi'i titiiiiicc (I-{I
Page 106 and 107: Contemporary Art at Deutsche Bank T
Page 108 and 109: Dear Shareholders, Deutsche Bank AG
Page 110 and 111: Ms. Sachau gives the following reas
Page 112 and 113: Mr. Eduard Bernhard, Kleinostheim,
Page 114 and 115: Dear Shareholders, With the notice
Page 116 and 117: The sharcs may also bc dcposited wi
Page 118 and 119: from: Annual ßcport for 1989 of De
Page 122 and 123: of environment quality become a pot
Page 124 and 125: The human race ma): as HansJonassa
Page 126: All this goes to show that there ha
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