MUNICH (Reuters) – Around one and a half years after the nationalization of the Hypo Real Estate (HRE) is recorded first time this year the owners of some certificates because of the continuing losses of the German Pfandbrief bank AG (pbb) a total loss.
As the pbb in Munich on Friday further informed, is also made for the pleasures and the Tier 1 bond – as expected – the coupon service.
For the past year was for the daughter Pfandbriefbank AG after the German Commercial Code has been found yet another loss, informed the board of directors. Had certificates, the predecessor institutions of the end of 2007 acquired German Depfa Pfandbriefbank AG sold, thus losing not only value, but nothing comes of the first to total loss.
Certificates of Westphalia in mortgage volume of EUR 41 million in ruins, according to the information completely. Pleasures of the Württemberg with a total mortgage volume up to EUR 100 million loss to 1% in value and mortgage participation certificates of the Nuremberg exhibit only 17.5% of Nominalsumme. The volume of the data listed and unlisted certificates together is 221 million euros.
As stated on Friday next, in turn, the HRE Group and the German Pfandbrief bank is not in the profit zone before 2012. Until then, due certificates may therefore suffer total losses.
Website: www.pfandbriefbank.com
-By Ruediger lap, Dow Jones Newswires
+49 (0)69 29725 117, ruediger.schoss @ dowjones.com
DJG / rso / kla / has / voi
Tags: participation certificates, dow jones newswires, mortgage participation, predecessor institutions, mortgage volume
