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Chancellor Angela Merkel said in an announcement Sunday that she could not allow problems around Hypo Real Estate, a commercial property lender, to affect the broader system. Ireland and Greece took similar moves last week, though Germany's move is only aimed at individual and not company deposits.
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cheapest wow goldMerkel attended a meeting on Saturday held by French President Nicolas Sarkozy in which Germany, France, Italy and the U.K. said they would try to coordinate their responses to the current turmoil in global financial markets but did not set up formal bailout fund. The U.S. approved a $700 billion plan Friday to buy troubled assets in a bid to restore faith in financial institutions. The move by Germany comes after Hypo Real Estate (DE:802770: news, chart, profile) on Saturday said a 35 billion euro ($25 billion) funding package had fallen apart. Hypo is a commercial property lender that is also heavily involved in funding municipal projects through its Dublin-based Depfa operation, which it bought last year. It also comes after a weekend in which Holland nationalized the Dutch operations of Fortis (FORS.Y:fortis nl spons adr newNews, chart, profile, moreLast: 4.50-2.40-34.78%12:00am 10/03/2008Delayed quote dataAdd to portfolioAnalyst Create alertInsiderDiscussFinancials Sponsored by:FORS.Y 4.50, -2.40, -34.8%) (NL:30086: news, chart, profile) , with Belgium reportedly looking at selling Fortis' Belgian and Luxembourg operations to BNP Paribas (FR:013110: news, chart, profile) . And late Sunday Dexia (BE:000558758: news, chart, profile) issued a statement saying that credit risks related to Hypo would have "a very limited impact on the group's solvency," and insisting that a recapitalization plan announced Sept. 30 took the exposure into account. Italy's UniCredit (IT:UCG: news, chart, profile) was also meeting to discuss capital raising efforts, published reports said. Steve Goldstein is MarketWatch's London bureau chief.
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