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Bondholders will have to be down 8(%)-0 before the German taxpayer steps in.
Germany plans to force creditors into propping up struggling banks beginning in 2015, one year earlier than required under European-wide plans that set rules for failing financial institutions, according to a senior German finance ministry official.
From next year, struggling bank creditors, in addition to shareholders, will have to help financial institutions, covering up to 8% of liabilities, before the banks can tap Germany’s financial markets stabilization fund SoFFin, said the official, who declined to be identified….
Germany has been a strong proponent of forcing bank shareholders and creditors rather than taxpayers to shoulder the cost of winding down or rescuing banks.