rescue plan proposed by the German government, the MD of Toyota
Kreditbank said.
Peter Pollhammer, who heads the captive arm of the vehicle
manufacturer in Germany, said that the €500bn bailout package
approved by the German Parliament should also be extended to
institutions that do vehicle leasing.
Go deeper with GlobalData
He said that Germany’s car industry, one of the pillars of
country’s economy, faced long-tem damage if not fully supported by
the government, as captive arms of manufacturers are not eligible
to issue debt backed by the government.
The bailout package was approved in mid-October by a vast
majority of the German Parliament to help the country’s financial
institutions recover from the credit crunch.
It came days after the country lowered to 0.2 percent its growth
estimation for next year.
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