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29Oct11


Bad bank finds 56 bln after checking sums


A spokesman for the bank's administrators, FMS Wertmanagement, confirmed a Friday report that cash securities had been subtracted from the relevant accounting entries - when they should have been added.

FMS has already corrected its balance for 2010, which is now healthier to the tune of 24.5 billion, while the first half results for this year will now show debts of 301.8 billion rather than the original 357.8 billion.

Weekly magazine Stern reported that because FMS accounts are included in the calculation of the German state, the government has registered the change in fortunes to European Union authorities. The mistake was so massive that the EU statistics body Eurostat had to publish a new overview of German figures.

However, the reprieve is likely to prove temporary as the planned write-down of Greek government debt is expected to cost Germany billions, although it is not yet known how badly this will affect FMS.

HRE was nationalised after making bad investments amid the US subprime lending crisis.

[Source: The Local, DPA, Berlin, 29Oct11]

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