Dresdner Bank mounts K2 rescue

Dresdner Bank has offered to support stricken structured investment vehicle K2. The restructuring will provide K2 with a credit line intended to ensure the repayment of all the SIV’s senior debt.

K2 has been reduced in size from $31.2 billion in assets in July last year to $18.8 billion today, €13.5 billion of which is cash assets. The bank intends to continue to reduce the size of the fund.

The K2 portfolio does not contain direct exposure to securities backed by subprime or collateralised debt

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