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EC approves $10bn HSH Nordbank lifeline

EC approves $10bn HSH Nordbank lifeline
The European Commission (EC) has given temporary approval to EUR10bn ($13.1bn) in guarantees to HSH Nordbank from its shareholders, Reuters reports.

HSH asked for the increase from its owners earlier this year, raising its guarantees from EUR7bn to EUR10bn, as the bank suffers from the prolonged shipping downturn. HSH, the world's largest shipping financier repaid EUR3bn of state guarantees in January 2012.

Two German states own 85% of the public sector lender and will hear the EC's final decision on the matter once a full investigation has been carried out.

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