German Government to Assist in Bailout of Hypo Real Estate Holding AG

In an effort to save the second biggest real-estate lender from collapse, the German government along with a group of private banks has agreed to pump $50 billion into Hypo Real Estate Holding AG following the bank’s massive losses tied to its Dublin-based Depfa Bank Plc’s difficulty in securing short-term funding.

As part of the deal, Hypo Real Estate Holding AG will receive the $50 billion in two allotments the first being $14 billion euros and the second $21 billion euros. Private banks have agreed to pay 60 percent of the first installment while the German government has agreed to fund the entire second payment.

The bailout comes as the global markets have seen a shoring up of short-term financing, leaving many financial institutions vulnerable to collapse. On Monday the U.S. House of Representatives failed to pass a bill that would have provided $700 billion to prevent the failure of banks.

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