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The hammer falls on HSH in late 2014

German shipping bank HSH Nordbank, which depends on state-aid, will get word in late 2014 about whether the EU can approve the size of the bank's state-aid, according to Reuters.

HSH Nordbank is struggling with both its bad shipping loans and the EU, as the latter might not approve of the massive state-aid the bank is receiving. But now the bank is expected to get a response on the EU evaluation, and thus a degree of certainty about its options, by late 2014.

"We are confident that the EU Commission will approve our business model and that we will be able to continue the restructuring of HSH Nordbank according to plan," says Constantin von Oesterreich, Chairman of HSH Nordbank, in statement, according to Reuters.

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