Little impact in Ireland from Fortis and Hypo Real Estate rescue

THERE will be no impact in Ireland from the fall of Fortis and Hypo Real Estate, despite both banks having a significant presence here.

Fortis is a partner in Postbank, the non-credit bank operated through the country’s post offices, while German bank Hypo has substantial operations in Dublin.

News broke yesterday of a government bailout of financial giant Fortis by the Belgian, Dutch and Luxembourg governments and the granting of a multi-billion euro credit line to German bank Hypo Real Estate from a consortium of German banks.