FRANKFURT (dpa-AFX) - The German bank rescue fund FMS slipped back into the red last year. After two years of profit, the loss in the 2023 financial year now amounted to 89.2 million euros, as the Federal Republic of Germany Finance Agency announced in Frankfurt on Friday. In 2022, the fund had reported a profit of 1.3 billion euros thanks to positive developments in the shares in Commerzbank and Hypo Real Estate. Both investments also made a positive contribution last year, as the state agency reported in Frankfurt. On the other hand, interest expenses for new FMS funds had a negative impact.

The rescue fund was set up in the fall of 2008 at the height of the financial market crisis. With the help of taxpayers' money, the German banking system was to be stabilized by means of guarantees and equity investments. According to the latest figures, the fund has accumulated losses of 21.6 billion euros since it was set up (2022: 21.5 billion euros). It will only be possible to quantify how much of this will ultimately be borne by taxpayers when the fund is dissolved. A decisive factor is likely to be the price at which the state can sell its Commerzbank stake./ceb/DP/jha