06 October 2008 - 22H10
German banks agree to €50bn rescue plan for Hypo bank
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.
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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