Business News

German bank IKB obtains billions more in state aid

Jul 3, 2009, 21:52 GMT

Frankfurt - IKB, a bank which was the first German casualty of the structured-finance debacle, said Friday it had obtained fresh German government guarantees worth 7 billion euros (10 billion dollars) to keep it liquid. The help came from SoFFin, the German government's banking rescue agency, but remains conditional on regulatory clearance from the European Commission. The help increases the scope of government guarantees to IKB to 12 billion euros. A statement from the Dusseldorf-based bank said its balance-sheet loss in the year ended March 31, 2009 amounted to 580 million euros, a huge increase over the loss of 11 million euros the previous year. IKB, which lends to small industry, was brought low by the financial crisis in 2007 and was sold last year to Lone Star, a US private-equity fund. As a condition for state aid, it was required to shrink its business, meaning a cut of one-fifth in its payroll.

On the Web

Blowing Up Blogs

Place your ad here
Loading...

Your Talkback on this Story

Similar articles

Siemens chief rules out recession after reporting profit rise
Media firm Axel Springer sees sales, profits up in first half 2011
German chemical sector heads for record year as prices rise
Insurer Munich Re sees 2011 as record year for natural disasters
Disasters cost insurer Munich Re almost a billion euros

Latest Headlines in Business

Older Talkback

Business: Index

: News; Features; Currency Conversion

Like M&C on Facebook

Custom Search

Viral Web

In Monsters and Critics

: Arts; Books; DVD; Gaming; Lifestyle; Movies; Music; News; People; Science & Nature; Sport; TV; Archives
Other Languages and Sites: Deutschland (Monsters and Critics); The Tech Herald; Free Games Herald; XPRNC; Deutschland (Der Technikbote); Deutschland (Bellalu)

Entertainment: Arts; Books; DVD; Gaming; Movies; Music; People; Soundtracks; TV
Media: Celebrity Photos; Movie Pictures; Movie Trailers; Movie Posters; Theatre Stills
Released this week: Movies - USA; Movies - UK; DVD - USA
Distractions: Online Games; Daily Crossword; Sudoku Classic; Daily Jigsaw

World News: US; UK; Americas; Europe; Middle East; Asia Pacific; South Asia; Africa; Business; Education; Health
Science and Tech: Science and Nature; Technology
Lifestyle: Autos; Fashion; Life; Travel

Corporate

: About; Advertise; Contact; The Team; Vacancies; Privacy; RSS; Site Map; Terms; Webmasters

The Fine Print

© 2003 - 2012 by Monsters and Critics.com, WotR Ltd. All Rights Reserved. All photos are copyright their respective owners and are used under license or with permission. * Note M&C cannot be held responsible for the content on other Web Sites.

Servers supplied by Servint