Hypo Real Estate to be "wound down" - German FinMin
BERLIN, Sept 29 |
BERLIN, Sept 29 (Reuters) - Billions of euros in guarantees being provided to German lender Hypo Real Estate HRXG.DE, should enable the bank to be wound down in an "orderly" manner, a Finance Ministry spokesman said on Monday.
"The purpose of the whole operation is to allow an orderly winding down of Hypo Real Estate," the spokesman said. "An orderly winding down without the bank's assets being burned up."
Earlier in the regular news conference, the ministry said the German government and a consortium of banks would provide 35 billion euros ($51.21 billion) in credit guarantees to Hypo. (Writing by Dave Graham)
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