HSH increases expected use of state guarantees

The strong dollar is causing the major German bank, HSH Nordbank, to increase expectations of its use of state guarantees worth billions which were made available to the bank by the state owners in 2009 in order to avoid collapse.

Photo: HSH Nordbank

The state-owned and operated German HSH Nordbank, one of the world's largest lenders for shipping, will have to make more use of the state guarantees made available to the bank during the financial crisis. The reason behind this, is the strong dollar which the bank books its provisions in, writes the German paper Handelsblatt, according to news agency Reuters.

HSH, which is owned by the regional states of Hamburg and Schleswig-Holstein, recently stated that it expected to use USD 1.7 billion of the issued state guarantees in the period 2019 to 2025. Now the bank has increased expectations to USD 2.17 billion. The bank had already increased expectations last year by USD 325 million.

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