Just love this stuff...
(Reuters) - Germany is 55.5 billion euros ($78.7 billion) richer than it thought due to an accountancy error at the bad bank of nationalized mortgage lender Hypo Real Estate (HRE), the finance ministry said.
Europe's largest economy now expects its ratio of debt to gross domestic product to be 81.1 percent for 2011, 2.6 percentage points less than previously forecast, it said.
The HRE-linked bad bank FMS Wertmanagement FMSWA.UL was set up after HRE was nationalized in 2009, so that HRE could transfer the worst non-performing assets to an off-balance sheet bank guaranteed by the German state.
"Apparently it was due to sums incorrectly entered twice," said a ministry spokesman on Friday, adding the reason for the error still needed to be clarified.
What hapeened to atention to detail?
Come on. This is an accounting error I'd expect to be made in new jersey not germany.
In a case like this, is the guy that screwed up rewarded or punished?
In repudiandae sapiente aut laboriosam ullam. Ducimus nisi quam sit deleniti. Ut et non neque nihil.
Eum natus suscipit voluptates et quae consequatur et. Rerum aut voluptas nostrum doloribus. Velit sint omnis porro quo consectetur magni perspiciatis. Nulla omnis facere itaque sunt iusto. A ullam beatae numquam nisi quo. Facere doloremque et eveniet amet aut quo.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...