Wednesday December 10, 03:27 AM
German lender HRE gets 30 billion euros in state guarantees
FRANKFURT (AFP) - Troubled German property lender Hypo Real Estate (Xetra: 802770 - news) , already saved from bankruptcy by the state, has said it would finally receive 30 billion euros in state loan guarantees rather than 20 billions under a government rescue plan for the banking sector.
The real estate specialist would use the guarantees to refinance debts coming due on January 15, it said in a statement on Tuesday.
HRE, Germany's biggest victim of the banking crisis, was caught in a liquidity crunch that worsened after the US investment bank Lehman Brothers (NYSE: LEH - news) declared bankruptcy in mid September.
It has already benefited from a rescue plan worked out by the government and the German central bank worth 50 billion euros.
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