Germany 'finds' €24,5 billion in state owned bank

[Aroddo]

Link to google translated article

The Hypo Real Estate bank was nationalized in 2009 as part of an concerted efford to prevent the financial crisis from collapsing the banking system. It is now labeled a "bad bank".

When recently going over the balance sheets, the finance ministry discovered that it's liabilities were in fact €24,5 billion lower than originally thought.

Currently, this happy coincidence is treated as an 'accounting error' and some people will take a 'closer look' at what and how that could have happened.

In addition to an unexpected €40 billion increase in tax revenues, germany enjoys a €64,5 billion budget increase for 2011 ... enough to pay it's share in the bailout for greece (not that they'll be thanked for that one).


Man .... when banksters steal, they don't bother with peanuts.

 

[GoodSarmatian]

I've read about this.
If you take the sold assets from Hypo Real Estate into account Germany's debt is 55 billion € smaller than expected. That leaves us with a government debt of 83,2% of GDP instead of 84,3%.
Hooray, I guess ?

 

[BvBPL]

Oh, THAT's where I left my money. I'll just take that back.

 

[FriendlyFire]

Hooray, I guess ?

Don't worry US Banks are heavily exposed to losses in the EU.
Still you have a point but not many good options to deal with the finacial crisis.

 

[kronic]

Wake me up when Deutsche Bank finds €55 billion in additional equity. That's the real elephant in the (German) room.

I've read about this.
If you take the sold assets from Hypo Real Estate into account Germany's debt is 55 billion € smaller than expected. That leaves us with a government debt of 83,2% of GDP instead of 84,3%.
Hooray, I guess ?

€55 billion should be more than just 1.1 % right? ... About 2 or 2.5 %. I'm not sure though if that Hypo debt even is "on balance" at all.

 

[Laurencius]

I found $1.87 and a ball of lint between my couch cushions.

 

[Aroddo]

amazing what stuff you can find lying around.

small advice to the usa: check the books of your banks ... the occasional 'lost' trillion might help with your tax revenues.

 

[GoodSarmatian]

Does the USA government have banks ?
I don't think there were any nationalisations.

 

[Mechanicalsalvation]

O.K. USA, first nationalize and than do the checks...

 

[Aroddo]

Does the USA government have banks ?
I don't think there were any nationalisations.

i got the impression that it's a crime to cheat with taxes. the IRS should be able to check the books even of companies they don't own.

 

[Winner]

I wish I discovered so much money in my account...

 

[Naval Power]

i got the impression that it's a crime to cheat with taxes. the IRS should be able to check the books even of companies they don't own.

They do, its called an audit

 

[Kan' Sharuminar]

Huh, when I check what's gotten lost underneath the sofa cushions it's usually only a couple quid.

 

[GoodSarmatian]

i got the impression that it's a crime to cheat with taxes. the IRS should be able to check the books even of companies they don't own.

Ah yes, misunderstod that.
It is harder to hide money and cheat the government if the government owns the bank...

 

[Cutlass]

Does the USA government have banks ?
I don't think there were any nationalisations.

The US government doesn't do "nationalizations" as such. But what it does do is take over banks that are about to collapse. The FDIC will take over a bank that is on the verge of closing, and do what is necessary to save it. But does not keep them afterward. They'll be sold off as they can be.

Remember that the US still has some 11,000 banks, compared to less than 20 domestic banks for many countries. Banks fail and get taken over here all the time.

 

[Godwynn]

it's usually only a couple quid.

You just made that up, no self-respecting currency would be called a "quid."

 

[Virote_Considon]

You just made that up, no self-respecting currency would be called a "quid."

Yeah, sounds almost as monopoly-esque as a "buck".

 

[GoodSarmatian]

You just made that up, no self-respecting currency would be called a "quid."

It's not really worse than 'mice' or 'toads'.

 

[Kan' Sharuminar]

You just made that up, no self-respecting currency would be called a "quid."

Ah bugger, I think I just revealed some British state secrets. I'll be hanged within the hour

 

[Silurian]

I wish I discovered so much money in my account...

So do others

From Irish times

The general Government debt is to be written down by 2.3 per cent, or €3.6 billion, following the detection of an accounting error.

The Department of Finance, responding to a TV3 report, said the National Treasury Management Agency (NTMA) had notified it of a double count which was responsible for the difference.

Fianna Fáil has called on Minister for Finance Michael Noonan to provide a clear explanation of how an error of such scale could occur.

http://www.irishtimes.com/newspaper/breaking/2011/1101/breaking31.html

It does make me wonder.