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Jan 21, 2009

German bank to get US$15b

BERLIN - THE German state is to inject another 12 billion euros (S$22.6 billion) into struggling Hypo Real Estate bank, bringing total public guarantees to 42 billion euros, HRE announced on Tuesday.

HRE, the biggest German victim of the global financial crisis, said it would use the extra funds to refinance debts that have to be paid by June 12.

'The German Financial Markets Stabilisation Fund has extended its framework guarantee granted to Hypo Real Estate Group by an additional 12 billion euros, bringing the aggregate guarantee amount to 42 billion euros,' the bank said. -- AFP

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