Act „hospital bank“ was approved by EU

European Union (EU) approved today the German law establishing the „bad bank“ to take over the assets of commercial banks, whose value was thrown down during the financial crisis, DPA forward.
Through the scheme aims to retrieve the profitability of financial institutions that will be able to convey the „bad bank“ toxic „assets to bonds and guaranteed a certain value.
„Toxic“ means assets whose value during the financial crisis is reduced to zero or can not be determined. German government seeks to restore confidence in banks’ own assets and financial institutions to resume lending to businesses.
The Act includes strict rules for how to assess the „bad“ assets and the manner in which banks would pay for rescue scheme. This underlined the European Commission to examine whether the emergency plans developed by the EU Member States do not provide benefits to local companies violating the principle of free competition.
German banks will have 6 months to be included in the program complements the DPA.

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Finance

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