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22 January 2009

Commission approved € 6.7 billion guarantee for German SdB


The Commission approved the € 6.7 billion SoFFin-guarantee for SdB. The guarantee aims to bolster the German Deposit Protection Fund and to pre-finance future proceeds from the estates of insolvent Lehman Brothers entities.

The Commission approved the € 6.7 billion SoFFin-guarantee for SdB. The guarantee aims to bolster the German Deposit Protection Fund and to pre-finance future proceeds from the estates of insolvent Lehman Brothers entities.

 

On 15 January 2009, the German authorities notified a guarantee to be granted by the German Special Fund for Financial Market Stabilization (SoFFin). The guarantee aims at providing collateral for a bond in the amount of € 6.7 billion issued by SdB and subscribed by the member banks of the Association of German Banks (BdB). The SoFFin-guarantee enables the subscribers the refinancing of the bond via the German Central Bank.

 

Press release

 



© European Commission


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