SoFFin approves HSH Nordbank business model

Hamburg/Kiel, March 7, 2009 - The financial markets stabilisation fund (SoFFin) has generally accepted the future business model of the HSH Nordbank.

After the meeting of its steering committee, SoFFin announced that HSH Nordbank will be able to make full use of the liquidity guarantees of up to EUR 30bn which have already been agreed, once HSH Nordbank’s owners and the state parliaments of Hamburg und Schleswig Holstein have also approved the plan. The state parliaments and owners are expected to make their decision in the coming weeks.

The state parliaments of Hamburg and Schleswig-Holstein had already decided to approve the future concept of the HSH Nordbank in a joint senate and cabinet session on 24 February. As part of a capital increase the HSH Nordbank is set to receive EUR 3bn in fresh capital as well as guarantees to act as risk protection to the value of EUR 10bn.

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