Bloomberg News

HypoVereinsbank Shouldn’t Rely on ECB Funds, CFO Tells Boersen

April 27, 2012

UniCredit SpA (UCG)’s HypoVereinsbank unit won’t rely solely on assistance from the European Central Bank to finance buying sovereign debt, Boersen-Zeitung reported, citing the division’s Chief Financial Officer Peter Hofbauer.

The ECB has the right to change interest rates and rules for underlying securities for their three-year refinancing operations, meaning accepting such funds runs the risk of becoming more costly than initially though, the newspaper cited Hofbauer as saying.

To contact the reporter on this story: Cornelius Rahn in Frankfurt at crahn2@bloomberg.net

To contact the editor responsible for this story: Kenneth Wong at kwong11@bloomberg.net


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