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Mr. Nonnenmacher in trouble

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Dirk Jens Nonnenmacher gerät an der HSH-Spitze unter Druck. Quelle: dpa

Dirk Jens Nonnenmacher gets in HSH-tip under pressure. Source: AP

BERLIN. Finally, the currency turmoil made sure that first-quarter loss of 276 million € ATTACKED, which was higher than in the prior year quarter.

This should all be better for the HSH Nordbank. Still, the plan is the CEO, the bank in 2011 to lead to profitability and a year later, even in a position to pay a dividend. But before he can take the future in attack, must contend Nonnenmacher with the past. And he charged.

For management of the bank is one of those six accused, under investigation, the prosecutor’s office in Hamburg because of the suspicion of serious breach of trust. The focus here is its role in the so-called Omega 55 shops. It involved a transaction with which the real estate loan portfolio of the Bank of risks incurred in the amount of two billion euro should be relieved. Together with the French bank BNP Paribas, a special purpose company was founded to liberate its own balance sheet of the red. The risks of this business were still at HSH Nordbank. In 2008, the bank needed to these items as part of the financial market crisis write off 500 million euros.

Nonnenmacher should know and disclose to, say his critics. He holds the suspicion of infidelity on the other hand for "groundless", as he declared in February 2010 before a Parliamentary committee in Hamburg.

In fact, however, was Nonnenmacher appointed in October 2007, Chief Financial Officer of the Bank and signed a Eilvorlage for the transaction. The hasty itself was caused by directors who are not longer the bank. He had to doubt of what was then seen no reason "to the substantive processing of the template or the competence of my colleagues or to question their affirmative votes of special," said Nonnenmacher. But of course, is the omega-transaction is a symbol of the then weaknesses in the core processes of the bank, he admitted.

Supervisory board chief Hilmar Kopper strengthened Nonnenmacher far back. Calls for his resignation from the political opposition in the diets of Kiel and Hamburg, the former German banker countered with the formal argument that he make his work as head of the Supervisory Board remain Nonnenmacher. A work by the supervisory board at the law firm Freshfields appointed expert opinions on the complex last year. After presenting the report, the Supervisory separated by CEO Jochen Friedrich and Peter Rieck breach of duty.

Kopper said Nonnenmacher of confidence, even though Fresh Fields, for example, complained that an "intensive work with Omega 55" by the Finance Board would have been desirable. When the decision was Nonnenmacher, however, only ten weeks in office. The corresponding template shows distinct patterns of defects, but had not "necessarily catch the eye," said Fresh Fields. Whether the prosecutor draws the same conclusions or firmer conclusions from the Freshfields report, she would not comment until now.

To this was added hardship for Nonnenmacher yesterday’s bad luck: due to an error he had the loss for 2009 adjusted upwards. Instead of 679 million euros, the world’s largest ship financier for the previous fiscal year now has a loss of 743 million euros. "In four securities have been impaired at 31.12. undertaken in 2009 due to an oversight during the work write-ups, "the bank said yesterday. But even this loss is much lower than planned, the bank tried to calm her.

True grounds for optimism but not the figures for the first quarter. The loss increased by 20 percent over the previous year to € 276 million, although a positive effect was recorded gains of 44 million €. The trading result has significantly contributed to the loss. This just in from the educated in foreign currency, say dollars, loan loss provisions. Bottom line, trading profit declined by 332 million to minus € 160 million €. Positively to the lower risk provisions struck beech, which decreased by 22 percent to 329 million euros. The environment remains vulnerable because of the debt crisis for setbacks, believes Nonnenmacher, who so aptly describes his personal situation.