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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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