Soffin extends Hypo's existing EUR 52bn in guarantees

The German Financial Markets Stabilisation Fund (Soffin) has extended the overall EUR 52 bn framework guarantee granted to Hypo Real Estate Group until 19 August 2009. The extension of the guarantee term was necessary due to the impending expiration of EUR 30 bn in existing guarantees on 15 April 2009, struggling property financier Hypo Real Estate said on Tuesday.

To facilitate the uniform handling of the aid, Soffin has now extended all guarantees under the framework to a single expiration date.