Banks played an extremely important rôle in “Aryanizations”, both in [the Reich] and in [its conquered territories]. The opportunity structure available to banks because of “Aryanizations” was particularly varied and important. Not only did banks “Aryanize” other banks, but they also provided credits for the “Aryanization” of industrial and commercial enterprises, and acted as intermediaries for their industrial and commercial customers in the acquisition of former Jewish businesses.

They often continued to provide credits to old Jewish customers, not because they did not see the handwriting on the wall, which they most certainly did, but rather because keeping a Jewish firm afloat meant maintaining its value, making possible the repayment of the bank’s investment, and hopefully securing the new owner as a customer. Obviously they made money on these operations, although their motives are often misstated or misunderstood and altogether too much emphasis is placed on trying to figure out or calculate the profits of banks in these ventures.

Certainly they collected fees, commissions and interest on such transactions. Investigation has shown, however, that many of these operations were not profitable or of little immediate profit and there were even some losses. The immediate profits were not the real issue. The banks were more interested in the long run rather than the short run, and what was often most important were the expectations of the banks with respect to the acquisition of customers and clients as well as strengthening existing ties.

Banks were especially important for the information they provided about “Aryanization” opportunities to their favored customers, and they were useful as sources of information, showing clients, for example, how to reduce the price of Jewish assets through the refusal to recognize good will or treating debts owed by Jews as unpayable and thus bad debts. In any case, the goal of banks is often to gain good will for themselves and to count on future rather than present returns, and this makes many of the claims about their profits at the time quite beside the point.

“Aryanization” was thus an opportunity for banks and financial institutions, just as it was an opportunity for industrial firms to expand their holdings and operations, but it was a short‐term opportunity. Once the Jews and their assets were gone, the opportunity would be gone as well.¹⁸

Having these organizations in place made it possible to take the final steps in making Germany and Austria “free of Jews”. The outbreak of the war provided the opportunity to ship Jews to the East, and systematic deportation was undertaken in the fall of 1941 and continued thereafter. These were accompanied by the final economic measures against the Jews.

Thus, they were required to report whatever assets remained to them, were allowed a limited number of specified necessities they could take with them, and were required to sign a document upon deportation declaring that they forfeited all their remaining possessions to the Reich. Furthermore, in connection with the deportations, the [Reich] sought now to lay hold on the remaining assets of Jews who had already left [it] and were “living abroad”.

This was done under the 11th Decree of the Reich Citizenship Law of 25 November 1941, which deprived such Jews of their citizenship and rendered their assets forfeit to the Reich. Thus, banks could be ordered to turn over blocked accounts and insurance companies could be required to turn over the value of insurance policies of such persons. Direct confiscation now replaced indirect confiscation.¹⁹

(Emphasis added.)