Hypo Real Estate obviously needs more state aid. Source: AP
FRANKFURT. The federal government will apparently broke the Munich bank Hypo Real Estate ( HRE) support to boost government guarantees in the amount of € 40 billion , in addition to those already guaranteed 102 billion in late 2008 . According to media reports , aid should be decided on Friday evening on a short conference call convened the Steering Committee of the bank rescue fund Soffin .
By HRE on Friday evening neither a confirmation nor a denial was to get. "We would not comment on that, " said spokeswoman Nina Lux HRE – how " stern.de " learned from government, the guarantees are necessary because of massive liquidity problems of the institute. In the worst case, the bank to 22 September insolvent. Therefore claimed that along with increased risk premiums on bonds ailing euro-zone countries , which are held by the HRE. Another 20 million are related to the bad bank needed , will the crisis in the banking end of the month to outsource their bad securities. These incur "transactionrisks ".
Because of the new, by any anticipated support requirements of the Steering Committee according to the report advised on Thursday evening for the first time . In it, sitting among other secretaries of state of the financial, economic and Ministry of Justice and a representative of the Chancellery . The officials have until Sunday to obtain the consent of their respective ministers.
Finally, the nationalized mortgage lender Hypo Real Estate had (HRE ) are announced earlier than planned out of the red . The break should be reached as early as 2011 , had Manuela Better still board boss on Wednesday at the Handelsblatt Conference on " Banking in transition points .
Previously, the institute, which had to be collected in the financial crisis with state grants of more than 100 billion € , always stressed to return to profitability before 2012 .
The former Dax Group aims in the fourth quarter of toxic securities and all companies in parts of Germany ‘s biggest " bad bank outsourcing ". Previously was a volume of up to 210 billion euros provided . Better now clarified that it would amount to 180 billion to 185 billion € for the new management company, which bears the name RMS value management.
The Board confirmed the boss , the need for the past two years, ongoing rehabilitation of the Bank’s total fresh capital of ten billion euros. Around € 7.8 billion were shed here already. The new core of the group , the daughter of German Pfandbrief PBB had a sustainable business model in the medium term it is in any case, " privatized . " They would not do business in the future , did not fit their risk profile of the new bank.