Blogs and advice from Industry leading Specialists
Valuable Opinions, Comments & Gossip
Financial related News & Articles relating to Spain
Latest News, Stories
& Hot Topics
Various Tools & Widgets to help with your financial needs
Tools & Widgets to
help with finances
Polls, Surveys and Opinions featured throughout Tumbit
Featured Polls, Surveys & Stats
Discussions, Advice & Topical Chat
Discussions, Advice & Topical Chat

EU clears state aid for Germany's IKB bank

Source: Reuters - Tue 18th Aug 2009

German bank IKB Deutsche Industrie bank AG secured clearance on Monday from European Union regulators for state aid of up to 7 billion euros($9.90 billion), the EU's executive Commission said in astatement.

Additional financial support had become necessary to protect IKB's liquidity and financial stability in Germany, it said,adding that it had obtained a commitment from Germany to providea revised restructuring plan within three months.

"This aid would grant liquidity to the bank for the coming months, allowing it to sustain lending to the real economy" EU Competition Commissioner Neelie Kroes said in the statement.

"The German authorities committed themselves to notify a revised restructuring plan, taking into account the changes in the economic climate, which the Commission will assess carefully and swiftly" Kroes added.

A medium-sized private German bank with a business focus on midsize companies, IKB was the first bank in Germany to receiveaid to offset the damage caused by bad investments in structured securities in 2007.

Comment on this Story

Be the first to comment on this Story !!

Recommended Items