German government begins to nationalize banks
The German federal government is to buy shares of ailing mortgage lender Hypo Real Estate. It is one step closer to nationalizing ailing commercial lender after the lower house of parliament approved a new law that allows expropriating shareholders if necessary.
Germany's Bundestag lower house of parliament approved a law on Friday that will give the government power to take control of banks hit by the financial crisis. The law, drafted to allow Berlin to take over stricken lender Hypo Real Estate (HRE), gives the state power to expropriate shareholders in financially troubled banks.
Munich-based
Hypo Real Estate has been ravaged by the financial crisis and has received some ?euro87 billion in government loan guarantees since September, 2008. The Group has received a total of ?102 billion in guarantees from the state and fellow banks but its financial condition remains uncertain.
Source: Banking NewsDate: 29.03.2009 [221]
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