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Eurozone c.banks emerge from Lehman bankruptcy without loss-Buba
February 20, 2013 / 3:30 PM / 5 years ago

Eurozone c.banks emerge from Lehman bankruptcy without loss-Buba

FRANKFURT, Feb 20 (Reuters) - The euro zone’s central banking system is on track to emerge from the Lehman Brothers bankruptcy without loss, the Bundesbank said on Wednesday.

The Bundesbank was the central access point for the Lehman group, via its German subsidiary LBB, to refinancing operations offered by the so-called Eurosystem of euro zone central banks.

At the time of Lehman’s bankruptcy in September 2008, LBB had liabilities of 8.5 billion euros vis-a-vis the Bundesbank arising from Eurosystem refinancing operations.

Interest payments and costs take the total liability to more than 9 billion euros now, the Bundesbank said.

More than 8 billion euros has already been secured, the Bundesbank added, detailing progress in LBB’s bankruptcy proceedings.

“The probability is very high that there will be a complete repayment,” Bundesbank board member Joachim Nagel told reporters.

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