German Bank in Administration
DUSSELDORF - Control of German bank Dusseldorfer Hypothekenbank has been transferred to the Deposit Protection Fund run by the Association of German Banks, blaming current market conditions. The decision, made by the bank's owners, has the approval of Germany's central bank and regulator, Bafin, which says there is no need for regulatory action as the bank has acted responsibly.
Due to the provisions of the German Pfandbrief Act, which sets conservative mortgage lending limits and requires cover pools to be held as separate assets, the bank will be able to continue to service and redeem its mortgage-backed covered bonds.
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