Germany’s Hypo Real Estate puts €173bn of assets into a bad bank

first_imgSunday 3 October 2010 10:54 pm Show Comments ▼ Germany’s Hypo Real Estate puts €173bn of assets into a bad bank whatsapp GERMANY’S Hypo Real Estate completed its transfer of non-strategic and risky assets to a “bad bank” as the nationalised lender restructures in the wake of the financial crisis.Hypo Real Estate (HRE) transferred loans and securities worth a nominal €173bn (£150.8bn) to a work-out institution called FMS Wertmanagement, HRE said in a statement yesterday, adding that this was the largest transfer of its kind in Germany to date.Following the transfer, the remaining core or “good” bank, called pbb Deutsche Pfandbriefbank, will no longer depend on liquidity life-support measures from the government, HRE said. “The transfer of assets to FMS Wertmanagement represents the single most important milestone in realigning the group,” HRE’s chief executive Manuela Better said in the statement. “Our new core bank, pbb Deutsche Pfandbriefbank, has retained those assets that match its strategic focus and we will concentrate on writing new business in our European core markets,” she said.HRE’s business model combining property finance with investment banking came unstuck in the financial crisis, forcing the lender to turn to Berlin for more than €100bn in assistance. Tags: NULL whatsapp Share More From Our Partners I blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comKiller drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comWhy people are finding dryer sheets in their mailboxesnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comConnecticut man dies after crashing Harley into live KCS-content last_img read more