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On 17 April 2009, SoFFin tendered an offer to take over Hypo Real Estate by buying and creating shares that would raise its equity stake to 90%. On 24 April 2009 the HRE governing boards recommended that shareholders approve the offer by the rescue agency. By that date, government support for the
374:
who stated that he had been kept in the dark and that it was "unthinkable" to keep dealing with them, especially after they had used lawyers against the government to attempt to evade responsibilities. CEO Georg Funke subsequently stepped down, replaced by
359:
and Grove
International Partners LLP resigned from the office. As successors, Michael Endres (chairman), Bernd Knobloch, Edgar Meister, Sigmar Mosdorf, Hans Jörg Vetter, Bernhard Walter and Manfred Zaß were appointed to the board.
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Meanwhile, the German parliament formed a committee to investigate the HRE bailout. Opposition parties from the left and right spurred creation of the committee, while the governing centrist coalition abstained.
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The deal fell apart on 4 October 2008 after the banking consortium involved pulled out. A second proposed bailout was agreed on 6 October, with German banks to contribute €30 billion and the
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After the second crisis, summit some politicians demanded that HRE's top management resign, among them
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Via several steps, Hypo Real Estate was granted further framework guarantees by the German
Financial Markets Stabilisation Fund (
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company had reached €102 billion. Under a law passed in March, the government could force the sale if shareholders reject it.
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248:. Hypo Real Estate is the second largest commercial property lender in Germany.
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228:. The company's activities span three sectors of the real estate market:
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259:. It employs about 2,000 people and was one of the 30 members of the
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653:(Press release). Hypo Real Estate Group. 2009-04-25. Archived from
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in
September 2009. In 2007 it acquired the public finance company
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548:"Changes to the Supervisory Board of Hypo Real Estate Holding AG"
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With the German state (via SoFFin) already owning 90% of HRE, an
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List of banks acquired or bankrupted during the Great
Recession
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608:"German Government Under Pressure to Deliver on Crisis Promise"
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Hypo Real Estate encountered financial difficulties during the
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Companies formerly listed on the
Frankfurt Stock Exchange
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Dodd–Frank Wall Street Reform and
Consumer Protection Act
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692:"Inquiry into Hypo Real Estate rescue enters final phase"
672:"German government to take control of Hypo Real Estate"
278:. The company remains a legal entity as a wholly owned
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National fiscal policy response to the Great
Recession
758:"JC Flowers taking stake in battered Hypo Real Estate"
713:"TIMELINE: Hypo Real Estate's path to nationalization"
737:"Hypo Real shareholders howl at Berlin's squeeze-out"
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Halstrick, Philipp; Nann, Patricia (17 April 2008).
563:"Hypo Real Gets EU50 Billion Government-Led Bailout"
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318:, principally due to the heavy debt burden of its
293:and other German banks in October 2008 during the
628:"Troubled Hypo takes more help from German govt"
561:Parkin, Brian; Suess, Oliver (October 6, 2008).
528:"Hypo Real Estate's shares tumble after rescue"
476:"Deal to save Germany's Hypo Real Estate fails"
340:would be extended to Hypo Real Estate from the
1214:American Recovery and Reinvestment Act of 2009
1079:Office of Federal Housing Enterprise Oversight
424:of the firm within a year of it having been a
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500:"Hypo Real Estate buy of Depfa cleared by EU"
416:on 5 October 2009 approved a €1.30 per share
355:members independent from and unaffiliated to
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1123:China–Japan–South Korea trilateral summit
270:. Its shares were further demoted to the
1103:Government policy and spending responses
1069:Government National Mortgage Association
587:"German Bank Receives Its Third Bailout"
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1163:2008 United Kingdom bank rescue package
584:Dougherty, Carter (February 14, 2008).
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1118:Banking (Special Provisions) Act 2008
1039:Federal Deposit Insurance Corporation
251:The bank originated in 2003 from the
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1034:Consumer Financial Protection Bureau
526:Kennedy, Simon (29 September 2008).
1324:Collateralized mortgage obligations
735:Maushagen, Peter (5 October 2009).
437:Hypo Real Estate Bank International
351:After the first crisis summit, the
711:Gerlach, Marilyn (April 9, 2009).
446:Hypo Pfandbrief Bank International
14:
1493:Government-owned banks of Germany
1419:2007–2008 world food price crisis
1219:Chinese economic stimulus program
1204:2008 European Union stimulus plan
1128:Commercial Paper Funding Facility
1447:List of countries by public debt
1074:National Asset Management Agency
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781:
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1402:2008 Central Asia energy crisis
1319:Collateralized debt obligations
282:of the Hypo Real Estate Group.
1488:2003 establishments in Germany
1209:2008–2009 Keynesian resurgence
1054:Federal Housing Finance Agency
1049:Federal Housing Administration
367:€20 billion to a credit line.
297:, before approving a complete
1:
1224:Economic Stimulus Act of 2008
1158:Troubled Asset Relief Program
1084:Office of Financial Stability
1059:Federal Housing Finance Board
993:Société Générale trading loss
454:DEPFA Deutsche Pfandbriefbank
414:extraordinary general meeting
316:financial crisis of 2007–2008
295:financial crisis of 2007–2008
1143:Irish emergency budget, 2009
35:Government-owned corporation
836:20th Century Press Archives
327:Finance Minister of Germany
56:; 21 years ago
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1442:2007–2008 financial crisis
1334:Mortgage-backed securities
945:Automotive industry crisis
1473:Banks established in 2003
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1339:Secondary mortgage market
1260:rescues, and acquisitions
1258:Government interventions,
1249:Zero interest-rate policy
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960:Housing market correction
203:Hypo Real Estate Holding
21:
1357:(United States; c. 2009)
1089:UK Financial Investments
974:Banking losses and fraud
965:Subprime mortgage crisis
950:California budget crisis
443:Hypo Public Finance Bank
325:. On 29 September 2008,
1375:(worldwide; 2011–2012)
1314:Auction rate securities
1044:Federal Home Loan Banks
88:Manuela Better (acting
1064:Federal Reserve System
938:United States-specific
305:Financial difficulties
255:financing business of
1414:Decline of newspapers
1361:2009 May Day protests
1307:and financial markets
1197:Stimulus and recovery
440:Hypo Real Estate Bank
395:SoFFin takeover offer
342:Government of Germany
220:which comprises many
1437:European debt crisis
1329:Credit default swaps
1305:Securities involved
1111:stability and reform
550:. November 17, 2008.
379:on 31 October 2008.
285:The firm received a
1397:2000s energy crisis
1109:Banking and finance
1027:Government entities
636:. 11 February 2009.
365:Deutsche Bundesbank
291:Deutsche Bundesbank
230:commercial property
175:Number of employees
143:€257 million (2011)
109:Commercial property
92:), Bernd Thiemann (
18:
1379:Occupy Wall Street
1355:Tea Party protests
1013:Scott W. Rothstein
825:2020-04-29 at the
700:. August 18, 2009.
616:. October 6, 2008.
593:The New York Times
383:Further guarantees
264:stock market index
45:Financial services
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1424:Retail apocalypse
1369:(MENA; 2010–2012)
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1172:Bank stress tests
680:. April 24, 2009.
512:. 29 August 2007.
488:. 4 October 2008.
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179:1,419 (2011)
150:Total assets
69:Headquarters
31:Company type
1367:Arab Spring
1276:Non-banking
1008:Tom Petters
533:MarketWatch
418:squeeze out
336:35 billion
253:real estate
222:real estate
111:financing,
1462:Categories
820:DEPFA Bank
459:References
450:Depfa Bank
357:JC Flowers
346:consortium
323:subsidiary
320:Depfa Bank
280:subsidiary
276:Depfa Bank
224:financing
133:Net income
84:Key people
986:Tom Hayes
883:By region
289:from the
212:based in
1283:Chrysler
895:Americas
823:Archived
510:AFX News
481:NBC News
105:Products
94:Chairman
41:Industry
929:Oceania
922:Iceland
838:of the
834:in the
763:Reuters
742:Reuters
718:Reuters
633:Reuters
287:bailout
218:Germany
184:Website
157:billion
155:€236.6
96:of the
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