»Co-Determination: Contribution to a more Democratic Society or Social Policy on Thin Ice?«: The work examines the relationship between democracy and co-determination. It is shown that both have a common root, but are not congruent. Rather, the principle of democracy sets limits to co-determination in the public sector and in public sector companies, which must be observed by legislators and administrative practice. The author places a special focus on the area of public savings banks, where these limits are largely disregarded.