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[Reuters] UPDATE 1-EU agrees deal on revamp of Germany's HSH
[HSH.UL] * EU, HSH Nordbank strike deal on HSH restructuring - Almunia * EU to formally approve plan in September - Almunia (Adds details, background) BRUSSELS/HAMBURG, July 8 (Reuters) - The European Commission and HSH Nordbank [HSH.UL] have struck a working agreement over the approval of state aid that the public-sector bank received in the financial crisis, EU Commissioner Joaquin Almunia said. A formal decision will likely be published in September as some internal discussions in Brussels still need to be completed, Almunia said after a meeting with German Finance Minister Wolfgang Schaeuble on Tuesday. HSH, like other landesbanks, lost billions of euros on risky investments in the financial crisis, forcing its state owners Hamburg and Schleswig-Holstein to prop up the lender with 10 billion euros in loan guarantees and a capital injection of 3 billion euros ($4.3 billion). The bank has already returned 2 billion euros of guarantees.
[HSH.UL] * EU, HSH Nordbank strike deal on HSH restructuring - Almunia * EU to formally approve plan in September - Almunia (Adds details, background) BRUSSELS/HAMBURG, July 8 (Reuters) - The European Commission and HSH Nordbank [HSH.UL] have struck a working agreement over the approval of state aid that the public-sector bank received in the financial crisis, EU Commissioner Joaquin Almunia said. A formal decision will likely be published in September as some internal discussions in Brussels still need to be completed, Almunia said after a meeting with German Finance Minister Wolfgang Schaeuble on Tuesday. HSH, like other landesbanks, lost billions of euros on risky investments in the financial crisis, forcing its state owners Hamburg and Schleswig-Holstein to prop up the lender with 10 billion euros in loan guarantees and a capital injection of 3 billion euros ($4.3 billion). The bank has already returned 2 billion euros of guarantees.
