Wirtschafts-Karikatur "Wiedenroths Vorbörse" vom 07. April 2009
zum Thema: HSH-Nordbank: Hamburg und Schleswig-Holstein glauben, mit Bordmitteln stabilisieren zu können.
Bildunterschrift: Unterirdisches Krisenmanagement im Kieler Kabinett
English description:The most northern federal states of Germany are Hamburg and Schleswig-Holstein, capital of the latter is Kiel. Both states own the majority of shares of HSH Nordbank, a bank that is mainly engaged in financing shipbuilding projects. Like many other banks in the world HSH had bought lots of credit debt obligations, and ownership of these poisonous assets combined with inevitable value adjustment brought it near bankruptcy at the beginning of this year. Although there was a bailout offer by german federal government both northern states turned it down because they wanted to avoid the dilusion of their shares. HSH Nordbank yielded up to EUR70 million dividends each fiscal year which state governments needed badly to cover their suffering budgets. In February 2009 both governments managed a very short-termed legislation that empowered them to hand financial aid in the amount of EUR three billion and a risk guarantee of EUR ten billion to HSH Nordbank. They claimed this were sufficient for rescue. As a severe financial, economic and shipbuilding crisis emerges, the funded EUR 13 billion presumably won't be enough to prevent HSH Nordbank's doom from being sealed. Taxpayers to the front, political rescue experts will have to say once again. Shown here as ostriches are finance minister Rainer Wiegard, left, and minister president Peter-Harry Carstensen. Thought bubble: shareholding in HSH not being diluted ... EUR70 million each year for budget. In cloud: economic, financial and shipbuilding crisis (because of over-capacities in tonnage already having been built). On sign: Do not disturb. Caption: subterraneous crisis management in cabinet of Kiel government.
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