×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: banks

Source: 15 German Finance Firms Seek State Help

Wednesday, 10 December 2008 10:10 AM

Fifteen banks and insurance firms have applied for support from the German government's 500 billion euro ($644 billion) rescue fund, an executive from the fund was quoted as saying on Wednesday.

Berlin's financial industry rescue fund, SoFFin, had received some 150 queries from financial institutions overall, Guenther Merl, the spokesman for SoFFin's executive committee, was quoted as saying by the Boersenzeitung daily.

Out of 17 formal applications to the fund for help, two had been withdrawn, Merl said, adding that he could imagine a further 15 institutions approaching the fund in the future.

In recent weeks, Germany's No. 2 lender Commerzbank , troubled property financier Hypo Real Estate and several state-owned landesbanks have said they intend to tap the fund, which provides liquidity and guarantees to bolster banks' capital.

The fund had granted some 90 billion euros in guarantees so far, with Commerzbank the only applicant to have been granted a capital injection, of 8.2 billion euros.

© 2022 Newsmax. All rights reserved.


FinanceNews
Fifteen banks and insurance firms have applied for support from the German government's 500 billion euro ($644 billion) rescue fund, an executive from the fund was quoted as saying on Wednesday. Berlin's financial industry rescue fund, SoFFin, had received some 150 queries...
banks
157
2008-10-10
Wednesday, 10 December 2008 10:10 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved