German Government: Currently No Need To Amend Financial Bailout Fund
Wednesday December 3rd, 2008 / 16h09
BERLIN -(Dow Jones)- There is currently no need to change Germany's EUR500 billion bailout fund for the financial sector, government spokesman Thomas Steg said Wednesday. "From the German government's point of view, there is currently no acute need to change the conditions set by the (financial stability) law," Steg said. "Next year, after an appropriate period of time, the finance minister will deliver another review report." He added that so far, no bank's application has been rejected since the financial bailout fund was set up in October. German Finance Minister Peer Steinbrueck earlier Wednesday reported to the cabinet on the financial stability law and the stabilization fund performance so far, saying there have been a total of 31 inquiries, 15 concrete applications for funding and four approvals, Steg said. Members of the ruling conservative parties have called for changes to the rescue fund, known as SoFFin, by cutting the fee that banks must pay to access it. Others have criticized the fund for being voluntary unlike in the U.S. and the U.K. where governments have forced banks to tap a stabilization fund and strengthen their capital requirements, with the governments getting a stake in the banks in return. -By Andrea Thomas, Dow Jones Newswires; +49 30 2888 410; andrea.thomas@dowjones.com Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=DhiqXiPFgwaKAmv0bXc80w%3D%3D. You can use this link on the day this article is published and the following day.
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