BERLIN, Dec 5 (Reuters) - Germany's financial industry rescue fund SoFFin has turned into an unexpected source of income for the government and earned 441 million euros ($665 million) so far, German news magazine Der Spiegel reported on Saturday.
The SoFFin -- or Financial Market Stabilisation Fund -- was set up in October 2008 by parliament and is supervised by the Finance Ministry. The banks must pay fees to SoFFin for the financial guarantees.
A spokesman for the Finance Ministry said he could not confirm the figures.
The SoFFin income compares with a federal deficit that the Bild newspaper said on Saturday would reach a maximum 85.7 billion euros in 2010. That is slightly less than the previous forecast of 86.1 billion euros.
Banks have so far tapped only about a third of the more than 400 billion euros available in the SoFFin fund, the magazine said. Taxpayers have not suffered any losses on the loans to date.
Banks have been reluctant to tap government aid for fear of being stigmatised. The head of SoFFin said last month less than half of its funds had been used so far.
Banks have feared they might be punished by investors or the markets if asking for government help were seen as a sign of weakness.
(Reporting by Markus Wacket; writing by Erik Kirschbaum; Editing by Ruth Pitchford) ($1=.6634 Euro) Keywords: GERMANY BANKS/SOFFIN (Reuters messaging: erik.kirschbaum.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The SoFFin -- or Financial Market Stabilisation Fund -- was set up in October 2008 by parliament and is supervised by the Finance Ministry. The banks must pay fees to SoFFin for the financial guarantees.
A spokesman for the Finance Ministry said he could not confirm the figures.
The SoFFin income compares with a federal deficit that the Bild newspaper said on Saturday would reach a maximum 85.7 billion euros in 2010. That is slightly less than the previous forecast of 86.1 billion euros.
Banks have so far tapped only about a third of the more than 400 billion euros available in the SoFFin fund, the magazine said. Taxpayers have not suffered any losses on the loans to date.
Banks have been reluctant to tap government aid for fear of being stigmatised. The head of SoFFin said last month less than half of its funds had been used so far.
Banks have feared they might be punished by investors or the markets if asking for government help were seen as a sign of weakness.
(Reporting by Markus Wacket; writing by Erik Kirschbaum; Editing by Ruth Pitchford) ($1=.6634 Euro) Keywords: GERMANY BANKS/SOFFIN (Reuters messaging: erik.kirschbaum.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.