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EU regulators open probe into German bank credit crisis aid

EU regulators open probe into German bank credit crisis aid

European Union regulators say they've opened an investigation into whether euro26 billion (US$38.7 billion) in aid given to two German state-run banks in the wake of the U.S. subprime credit crisis violated EU state aid rules.
The probe is to determine whether the credit lines and aid _ which was given last July and August to protect German lender IKB Industriebank AG and SachsenLB bank from potential losses _ constitute state aid, the European Commission says. Defaults among subprime mortgage holders have roiled markets worldwide, and the effects have been felt keenly in Germany, especially among public-sector banks.


Updated : 2021-08-05 20:40 GMT+08:00