Bloomberg News

Germany’s Kotthaus Says Need Time to Probe Hypo Real Blunder

October 31, 2011

Oct. 31 (Bloomberg) -- German Finance Ministry spokesman Martin Kotthaus said the government needs time to assess the causes of an accounting blunder that overstated the debt of Hypo Real Estate Holding AG, a bad bank in public hands.

Speaking at a regular press conference in Berlin, Kotthaus said the error was “irritating” and while “consequences” may follow it was too early to aportion blame. Since early this month, the government was aware of an accounting error adding up to “billions,’ he said.

The Finance Ministry will hold a telephone conference today on the matter and invite unnamed officials to Berlin for talks later in the week, Kotthaus said.

To contact the editor responsible for this story: Brian Parkin at bparkin@bloomberg.net


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