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Western EuropeSeptember 4 2005

Germany thwarts Dublin’s bonds issue ambitions

Dublin’s aspirations of becoming a major European centre for the issuance of covered bonds have been dealt a heavy blow by two German banks.
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The banks, Hypo Real Estate (HRE) and WestLB, have decided to repatriate their international funding business – including the issuance of covered bonds – to Germany from the Irish capital.

According to both banks, a major factor in their decision was Germany’s new Pfandbrief (German covered bond) law. The law, which took effect in mid-July, gives all banks active in Germany the right to issue Pfandbriefe.

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