Monday, May 18, 2009

The Debts of the Spenders: EU Grants Approval for Germany to Nationalize Hypo Bank

Hypo Bank was the sordid case connected to Icelandic banking defaults last year. They also possess considerable real estate liabil- er... I mean investments in New York City. If you walk around parts of Manhattan, the Hypo logo can be seen affixed to the vacant storefront window panings of ground level commercial real estate.

The EU Commission said the move does not raise any competition concerns allowing it to unconditionally approve the takeover.

The German government recently said it held more than 47 per cent of Hypo Real Estate shares.

Hypo Real Estate is the most prominent German victim of the financial crisis. It ran into trouble in September after its Dublin, Ireland-based unit Depfa Bank failed to find short-term funding amid the widening credit crunch.
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