Wirtschafts-Karikatur "Wiedenroths Vorbörse" vom 09. April 2009
zum Thema: HSH Nordbank: CEO-CFO-Chief Risk Officer Nonnenmacher und die staatliche 10-Milliarden-Bürgschaft.
Bildunterschrift: Minister-Edukation auf der Vorstandsetage der HSH Nordbank.
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. Caption: minister-education on boardroom of HSH-Nordbank. Opening drawer is minister of economy (meanwhile stepped down), Werner Marnette, on his back: state government of Schleswig-Holstein. On fish: risk provisioning. CEO, CFO and Chief Risk Officer of HSH Nordbank, Jens Dirk Nonnenmacher says: This you'll have to learn first, minister: certain drawers one does not open - but believes in recoverability of its contents!
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