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Germany finds 55 bn euro after accountancy error

HRE-linked bad bank FMS Wertmanagement was set up after HRE was nationalised in 2009

Written by Reuters | Berlin |
October 30, 2011 3:36:57 am

Germany is 55.5 billion euros ($78.7 billion) richer than it thought due to an accountancy error at the bad bank of nationalised mortgage lender Hypo Real Estate (HRE),the finance ministry said.

Europe’s largest economy now expects its ratio of debt to gross domestic product to be 81.1 per cent for 2011,2.6 percentage points less than previously forecast,it said.

The HRE-linked bad bank FMS Wertmanagement was set up after HRE was nationalised in 2009,so that HRE could transfer the worst non-performing assets to an off-balance sheet bank guaranteed by the German state.

“Apparently it was due to sums incorrectly entered twice,” said a ministry spokesman on Friday,adding the reason for the error still needed to be clarified.

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The government nonetheless welcomed the news which pointed to a further reduction of Germany’s debt mountain.

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