Yesterday, the European Commission announced that it was termporarily approving, under E.U. state aid rules, additional assistance to Hypo Real Estate AG and was also extending its ongoing investigation into the restructuring of Hypo Real Estate "that can only be concluded when we can see the full picture of the restructuring." The additional assistance includes "a transfer of approximately €200 billion of toxic and non-strategic assets into a winding-up institution, and additional State guarantees of up to €40 billion" to be provided by SoFFin (Sonderfonds Finanzmarktstabilisierung), a fund created by the German government to provide financial assistance to the financial sector. The new guarantees will expire in December 2010. Hypo Real Estate has previously received €105 billion of State guarantees and State capital injections of approximately €7.9 billion.
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European Commission temporarily approves additional state aid to Hypo Real Estate
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