Thomas Mirow News

German Ship Bank HSH Needs More Aid

Troubled German public-sector bank HSH Nordbank will likely need more state aid than previously thought due to deep losses in shipping lending and back taxes, the bank's supervisory board chairman said. The bank, one of the world's biggest shipping financiers, has said up to now that it may need up to 1.3 billion euros ($1.79 billion) in state backing from 2019 to 2025. "I wouldn't be surprised if we came to the conclusion, while looking at our 2013 results, that it will come out just a tick above that," Thomas Mirow told journalists late on Tuesday in comments embargoed for Wednesday. He declined to be specific because the bank's 2013 results had not been finalised yet, but said the increase would likely be in the hundreds of millions of euros.