The billion-dollar miscalculation in the nationalized Hypo Real Estate (HRE) has a bad bank and its aftermath: Finance Minister Wolfgang Schaeuble ordered according to "mirror" managers of both banks to report one. In addition, the bank managers to the Bundestag finance committee and answer questions.
The FMS is the bad bank of HRE - and state-owned. Be charged there, the impact to the state budget.
On Friday it was revealed that the bathroom had FMS bank reported value of its debt management by 55.5 billion euros too high. To the accounting error was apparently because the FMS value management gains in the papers that had been outsourced to the bank, had posted a loss. Because of the accounting error Germany's national debt falls by 2.6 percentage points to 81.1 percent of annual economic output.
According to "mirror" should now appear first to report to a board of HRE in the Treasury and later a director of the FMS value management. Schäuble wants to know both how it came about the balance sheet errors.
SPD: Ministry of Finance for oversight
The SPD accused the Federal Treasury in connection prior to the calculation errors of negligence. The bad bank, state bank of HRE as lying within the jurisdiction of Schaeuble said the SPD parliamentary manager Thomas Oppermann. Schäuble was "responsible for ensuring that the bank is properly managed and supervised," this is obviously not happened. The Minister must explain quickly, "why he has miscalculated by 55.5 billion euros," Oppermann asked. "This is not a contribution that hides the Swabian housewife in a cookie jar and forget."
Even the Left Group Vice Ulrich Maurer, called Schaeuble must "promptly provide clarity." "Imagine only that the bank could not be accounted for 55.5 billion debt too much but too little," admitted Mason points out. "How does one do not trust, but increased the chaos."
Accusation against "Politklamauk"
The Finance CSU politician Hans Michelbach dismissed the criticism of the SPD to back Schaeuble as "the latest example of the continued Politklamauks the social democrats." It is the "natural duty" of a bank-top to provide accurate figures, the chairman of the Union Group said the finance committee. The attempt to shift the responsibility Schäuble was "more than just frivolous."
Simultaneously emphasizing Michelbach, he expected the leadership of the bank in the Bundestag Finance Committee a "full investigation of this incredible mistake." "In-place, the necessary conclusions are drawn. This includes an explicit personal consequences."
Rescue by the State
In October 2010, slipped deep into the red zone HRE had outsourced as part of a restructuring plan rotten securities and unnecessary divisions in the state FMS value management. HRE had been nationalized during the financial crisis of 2009 to prevent a collapse of the banking system. With a total of around 175 billion euros in guarantees, capital injections and other assistance payments at the time she was saved from extinction.
The FMS is the bad bank of HRE - and state-owned. Be charged there, the impact to the state budget.
On Friday it was revealed that the bathroom had FMS bank reported value of its debt management by 55.5 billion euros too high. To the accounting error was apparently because the FMS value management gains in the papers that had been outsourced to the bank, had posted a loss. Because of the accounting error Germany's national debt falls by 2.6 percentage points to 81.1 percent of annual economic output.
According to "mirror" should now appear first to report to a board of HRE in the Treasury and later a director of the FMS value management. Schäuble wants to know both how it came about the balance sheet errors.
SPD: Ministry of Finance for oversight
The SPD accused the Federal Treasury in connection prior to the calculation errors of negligence. The bad bank, state bank of HRE as lying within the jurisdiction of Schaeuble said the SPD parliamentary manager Thomas Oppermann. Schäuble was "responsible for ensuring that the bank is properly managed and supervised," this is obviously not happened. The Minister must explain quickly, "why he has miscalculated by 55.5 billion euros," Oppermann asked. "This is not a contribution that hides the Swabian housewife in a cookie jar and forget."
Even the Left Group Vice Ulrich Maurer, called Schaeuble must "promptly provide clarity." "Imagine only that the bank could not be accounted for 55.5 billion debt too much but too little," admitted Mason points out. "How does one do not trust, but increased the chaos."
Accusation against "Politklamauk"
The Finance CSU politician Hans Michelbach dismissed the criticism of the SPD to back Schaeuble as "the latest example of the continued Politklamauks the social democrats." It is the "natural duty" of a bank-top to provide accurate figures, the chairman of the Union Group said the finance committee. The attempt to shift the responsibility Schäuble was "more than just frivolous."
Simultaneously emphasizing Michelbach, he expected the leadership of the bank in the Bundestag Finance Committee a "full investigation of this incredible mistake." "In-place, the necessary conclusions are drawn. This includes an explicit personal consequences."
Rescue by the State
In October 2010, slipped deep into the red zone HRE had outsourced as part of a restructuring plan rotten securities and unnecessary divisions in the state FMS value management. HRE had been nationalized during the financial crisis of 2009 to prevent a collapse of the banking system. With a total of around 175 billion euros in guarantees, capital injections and other assistance payments at the time she was saved from extinction.
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