Nationalisation of the largest hypothecary agency of Germany Hypo Real Estate (HRE) has allowed to avoid "death of a world financial system". Such application as informs AFP, the president of Federal agency of Germany under the control over financing activities (BaFin) has made Johen Sanio (Jochen Sanio). Thus he has noticed that at BaFin was not the slightest chance to prevent bankruptcy HRE.
Besides, Sanio has noticed that Germany the special agency similar to the American Federal agency on a deposit insurance (FDIC) should be created.
The government of Germany has begun nationalisation HRE in April, 2009 when it was offered to shareholders of hypothecary agency to sell the state of their share. Before HRE has received a government aid at a rate of 102 billion euro. This money has been transferred agency by several tranches. Nevertheless, state financial support has not helped HRE to cope with a worsening financial position.
To have an opportunity to nationalise HRE the government of Germany in the middle of February of a current year has approved the law, allowing to conduct time nationalisation of the financial organisations to which bankruptcy threatens. Agency HRE has had significant financial losses as has enclosed the big means in the American hypothecary papers which have actually depreciated with the beginning of a financial crisis. Following the results of 2008 agency losses have constituted 5,46 billion euro.
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