German Bank-Rescue Fund to Post Loss in 2010, Handelsblatt Says
Germany’s Soffin bank-rescue fund will probably post a loss in the billion-euro range for 2010 because of writedowns, Handelsblatt said, citing Florian Toncar, head of the parliamentary committee that supervises the fund.
It’s not currently clear whether the loss will be wider or narrower than 2009’s deficit, the newspaper said, citing Toncar.
Soffin reported a 2009 loss of 4.26 billion euros from the bailout of property lender Hypo Real Estate Holding AG.
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