financial crisis - Germany
German banks agree to €50bn rescue plan for Hypo bank
Monday 06 October 2008
The German government, the central bank and private banks have agreed on a 50-billion-euro rescue plan for troubled bank Hypo Real Estate, the finance ministry said.
Special Report Global capitalism on the brink?Monday 06 October 2008
By AFP (text)/ Oliver Farry (video)The German government, the Bundesbank central bank and market regulators agreed with the private banking sector Sunday on a new 50-billion-euro rescue package for stricken bank Hypo Real Estate, the finance ministry said.
On top of a public-private deal last month to extend a 35-billion-euro credit line to Germany's fourth biggest bank, the financial sector will offer an additional 15 billion euros, the ministry said in a statement.
"With this mutually agreed solution, the institution will be stabilised and with it, Germany strengthened as a place to conduct finance in difficult times," it said.
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IN THE FIELD
If not for this, there would have been havoc in Frankfurt on Monday. Damien McGuinness reports from Berlin. 06/10/08 midnight (GMT+2)
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