The economic policy debate on the Covid-19 pandemic has so far focused on the real economy. There the lockdown had been direct and shocking; the stationary retail was largely cut off, hotels and restaurants were closed, national and international supply chains were disrupted, and some areas of the economy - such as the automotive industry - had temporarily completely shut down production. Banks and other financial intermediaries - e.g. credit insurers - have so far only been affected secondarily and politically rather prospectively of interest. There is increasing speculation about whether and to which extent in the further course of the crisis a wave of insolvencies can put a strain on the banking system.