[Links to David Malone blog fixed] Thanks to sinsin @ Politics.ie:
- Depfa demise could have been Ireland’s biggest headache – Independent.ie
- IFSC German banks’ warning to Elderfield – Independent.ie
- Hypo Real Gets EU50 Billion Government-Led Bailout (Update3) – Bloomberg
- Central Bank had €17bn exposure to Depfa bank – Independent.ie:THE Irish Central Bank was providing €17bn in repo loans to the German bank Depfa at the height of the financial crisis, new figures from its parent, Hypo Real Estate, reveal.
The bank got into serious difficulties in 2008 and German bankers grew worried that it could become Germany’s Lehman Brothers.
The 2009 annual report for Hypo Real Estate now discloses that the Central Bank here still has a €4bn exposure to Depfa-Hypo.
The Central Bank declined to comment yesterday but it is understood that the funds were provided to Depfa as part of the ECB’s eurosystem of liquidity assistance.
Because Depfa was based in the IFSC, the Irish authorities became the conduit for the assistance.
From David Malone, author of “The Debt Generation“:
- Who bankrupted Ireland?
18 Nov 2010
Depfa was an Irish bank. Just months before its collapse in 2007 it was bought by Hypo, a German bank. Had that not happened the €180 billion euro loss at Hypo Real Estate would have been Ireland’s loss, dwarfing all other losses. …
Golem XIV – Thoughts: Who bankrupted Ireland?
- Ireland was Germany’s off-shore tart
24 Jan 2011
In the German press any hint that Ireland may be thinking of restructuring will be met with dark reminders of how ‘Ireland’ in the form of Depfa had to be bailed out by Germany. In short I don’t think the Financial class is pleased that …
Golem XIV – Thoughts: Ireland was Germany’s off-shore tart
- Ireland was Germany’s Off-shore Tart – PART 2 – The US connection
26 Jan 2011
Before I get stuck in, I want to make it clear. it is not my intent to paint Depfa as angels and HRE as devils. Depfa did stupid things. Their funding problems were not so dissimilar to Northern Rock’s. But Depfa had far better assets. …
Golem XIV – Thoughts: Ireland was Germany’s Off-shore Tart – PART 2 – The US connection
- Golem XIV – Thoughts: Final Destination Europe
19 Jul 2011
Depfa and Hypo Real Estate broke out in pustules and blamed each other. While all over Ireland property and land developers began to choke and suffocate in a cloud of their own lies and unpaid bills. …
Golem XIV – Thoughts: Final Destination Europe