ACS), and the backed issuer and deposit ratings of Hypo Public
's sale process, which was launched in August last year, was a condition for the European Commission's approval of HRE's state bailout.
, the public finance specialist based in Dublin, is a key example, and has to be divested by the state-rescued Hypo Real Estate group by end-2014.
The banks which piled on the most pressure were Anglo and German institution, Depfa
both of which went bankrupt and ended up costing their governments tens of billions of euro.
HRE collapsed in 2008 due to major business errors made by its German-Irish subsidiary, Depfa
. It was later 100 per cent nationalised and was given a lifeline of EUR142bn.
(17) After some international pressure, the guarantee was also offered to the main non-Irish controlled retail banks in respect of their Irish business, but not to others, such as DePfa
Prosecutors said the banks involved, JPMorgan Chase & Co., Germany's Deutsche Bank AG, Ireland-based Depfa
Bank Plc., and Switzerland's UBS AG, are accused of overcharging the City of Milan for organising the bond issues.
This is not surprising, since both were deeply involved in the rescue operations for failing banks beginning last year (IKB and KfW, WestLB, SachsenLB, HRE, and Depfa
Among its foreign investments, the council also has pounds 5m in the National Australia Bank, and pounds 1m in Germany's Depfa
The rest of Birmingham's overseas holdings are with the National Australia Bank, the Riyad Bank and German financial conglomerate DEPFA
Sarkozy insisted he had "never" raised the possibility of such a fund, but European officials in both Berlin and Paris confirmed that the idea had been mooted.Merkel declined to comment on HRE's problems, but Peer Steinbrueck, the finance minister, expressed regret "that German taxpayers will have to pay for the shenanigans of banks that set up shop in Dublin to escape German taxes".HRE's problems had been caused, in part, by debts incurred by the Irish subsidy Depfa
, which it bought in October 2007.