Login

HRH 'bad bank' makes €55.5bn error

Germany’s finance minister, Wolfgang Schäuble, yesterday demanded answers from Hypo Real Estate Holdings’ bad-bank, FMS Wertmanagement, and auditors PricewaterhouseCoopers over an accounting error that overstated FMS’s outstanding debt by €55.5bn.
By James Wallace
October 31, 2011 | 6:02 P.M.

The ministry is expected to have a telephone conference with the bank and auditors today, followed by face-to-face meetings later this week to get to the bottom of a huge error, which has the side-effect of materially reducing Germany’s national debt.

This news story is available exclusively to CoStar subscribers.

Watch the video to learn how you can access industry leading CRE news and the data analytics you need to drive success.

This news story is available exclusively to CoStar subscribers.

Ready to Learn More?

Sign Up For a Personalized Demo.

Sign Up For a Demo To Learn More.

Already A Subscriber? Sign In