Hamburg: Farewell, you billion! HSH Nordbank sells – with gigantic losses

It is there that they burn, the billions of MSM – and dissolve irretrievably in smoke: ten months after the conclusion of the purchase contracts, Hamburg and Schleswig-Holstein have ceded bankruptcy bank to private investors. Wednesday, the agreement says "closing" was signed.

It states that various conditions are met for the sale and that the purchase contracts come into force. The bank will invest one billion US dollars in US mutual funds under the leadership of Cerberus and investor Christopher C. Flowers.

"The money is there," said Senator Finance Andreas Dressel (SPD). One reason to rejoice but it was not "really," Dressel said.

Billions of people rescue the bank

Well Named. The Institute had a guarantee of ten billion euros and a capital increase of three billion euros saved from the end, while sacrificing a lot of tax money.

"If we deduct the proceeds from the sale, we will conclude the HSH Nordbank chapter with a loss of 5.5 to 7 billion euros for the taxpayers of Schleswig-Holstein," said Finance Minister Monika Heinold ( Greens). The same applies in Hamburg.

So the policy reacts to the MSM transaction

Norbert Hackbusch (left) believes that even this sum is too low. If we also take into account the losses from 2003 to 2008, we reach 15 billion euros of poor quality by province. The sale was a "sad idea" because the responsibility of the countries would not be questioned.

The leader of the Green Party, Anjes Tjarks, is pleased that the "bag is finished": compared to a regulation, countries could receive many jobs. "And we still have a bank in Hamburg that will actively contribute to the location of the company."

This is the name of the bank in the future

The bank will be given a new name and will now be called Commercial Bank Hamburg. The supervisory board will be replaced by the Spanish banker Juan Rodriguez Inciarte to the presidency. The bank's headquarters in Gerhart-Hauptmann-Platz is initially maintained.

HSH Nordbank was established in June 2003 in Landesbanken, Hamburg and Kiel, and has been in existence for more than 15 years. Meanwhile, she entered the financial crisis and various other scandals and had to be rescued several times with the money from her taxes. Finally, the European Commission ordered the sale or settlement of the bank.