Hypo Real Estate Group welcomes agreement on credit lines
October 06, 2008 | by Hypo Real Estate Group
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October 06, 2008, Munich. The Management Board of Hypo Real Estate Holding AG has welcomed the agreement between the German Government, the German Central Bank, the Financial Regulator BaFin and senior representatives of the German banking and insurance sector regarding credit lines for Hypo Real Estate Group. “We are very grateful for the support of all the parties. This solution ensures that Hypo Real Estate Group is stabilised, will have access to sufficient liquidity even in an ongoing financial crisis, and can continue to operate”, Georg Funke, CEO, stated on Monday morning in Munich.
The Ministry for Finance stated earlier that the finance sector will grant Hypo Real Estate Group an additional secured credit line of €15bn in addition to the €35bn already offered jointly by the German Government and finance sector. This increase became necessary as a result of the intensification of the financial crisis during the past week. The Government is providing a guarantee of up to €35 bn.
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Source: Hypo Real Estate Group, Press release