Cover note and letter to the minister of economics (Funk) on the reluctance of Dutch and Belgian banks to form partnerships with German banks, urging a focus on individual transactions instead

Reich Minister Dr. Hjalmar Schacht
Reich Bank President, retired y
17 November 40 taken care of orally
in Munich 24/XI G. [initial] [Pencil note]
My dear Mr. Goetz!
I enclose a copy of my letter of today to Reich Minister of Economics Funk.
Respectfully
[signed] Dr. Hjalmar SCHACHT
1207
EC-504
DR. HJALMAR SCHACHT 17 October 1940
Reich Minister
Berlin Charlottenburg 9
Baden-Allee 9
To the Reich Minister for Economics
Berlin
In order to avoid a working side-by-side, that is a working against each other of the German banks in the occupied western territories, you had assigned the German Bank the task of clearing the way for a closer economic cooperation with Holland, and you had entrusted the Dresden Bank with the same task for Belgium. This was founded on the provision, that it would be possible to obtain a voluntary close cooperative working relationship on the part of the economic systems of the occupied territories. This provision has not been fulfilled. There rather exists a basic reluctance in Holland as well as in Belgium to voluntarily enter into general obligations of the planned kind. This basic reluctance was increased by the Societe Generale which is dominating Belgium, because they apparently did not want to commit themselves in regards to a definite, sole German partner. At least this was reported by the German Bank as well as by the Dresden Bank. In order to now remove this difficulty, you, Herr Reich Minister, have declared yourself in agreement that the undersigned has followed the requests of the two banking houses for an objective expression of opinion in this question at hand.
I have subsequently talked over the situation with the two banks, and found it proven in the course of the conversation, that at present no tendency exists with the Dutch or Belgian financial institutions to enter into general obligations toward the German business friends, although they are well prepared to negotiate single transactions. Because of this reason it appeared the most simple to me to stop pursuing the question of general obligations any further, which would cause the argument between the two banks to come to an end, instead however to oblige the two banks to report all eventual, single larger scale transactions which are intended to deal with Dutch or Belgian institutions beforehand and in time to the Reich Minister, so that the latter will be able to mediate in case of disagreement.
After you declared yourself in agreement with this solution I have informed the both banks correspondingly, and I hereby confirm to you the agreement of the two banks with this procedure.
Heil Hitler!
Dr. Hjalmar Schacht