Thursday, Feb 14, 2008
Pity the German taxpayer over IKB
FT Alphaville: Let it fail, Mitteleuropa edition
Thus whereas Northern Rock was a casualty of an interbank liquidity crisis, IKB was both casualty and cause." (simply bad investments in US subprime excreta).
Why the bailout? "a collapse of IKB… would trigger a guarantee mechanism designed to spread the burden of a bank failure across the sector. A trigger of which would cost German banks €24bn,"
Posted by happyrenterz @ 01:25 PM (211 views) Add Comment
1 Comment
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1. alan said...
LandesbankLB also announced 2bn Euros losses on Subprime, yesterday.