of hypo real estate industry banking founded dublin 2002 founder gerhard bruckermann headquarters dublin ireland operating income 874 million 2006 1 website www.depfa.com depfa bank plc is a dublin based german irish bank . it provides financial services to the public sector and also provides financing for larger infrastructure projects . the name derivates from deutsche pfandbriefbank . history edit depfa bank was established in 1922 under auspices of the prussian government and was asked to provide financing for residential construction projects . its more recent history began in 1950s when the bank become a federally owned corporation and was to provide for a wide range of residential mortgages . when the corporation lost its tax free status in the 1970s it entered the commercial lending industry becoming the largest german underwriter of public covered bonds . the bank was privatized in 1990 and obtained a fse listing in 1991 . at the end of the 1990s the bank went through a legal restructuring which led the bank to move its headquarters to the ifsc in dublin ireland 2 in 2002 with the irish government specifically legislating for it . 3 depfa bank was purchased by german mortgage giant hypo real estate in october 2007 . 4 the bank ran into liquidity problems in 2008 as a result of the economic and financial turmoil in the united states . at the same time banking supervision in ireland was very weak soon to be proved by the 2008 2010 irish banking crisis . depfa underwrote a group of municipal bonds in the u.s. that subsequently had their ratings downgraded . under the terms of the underwriting depfa was required to buy back the securities after downgrade in the ratings . because of the difficulties in obtaining short term funding in the markets at that time depfa s liquidity became a major concern . 5 6 through a series of bailouts the german government ended up with 100 % ownership of depfa s parent company hypo real estate . 7 8 references edit depfa annual report 2006 consolidated income statement . depfa . retrieved 2008 10 07 . ewing jack 2010 06 06 . debtors prism who has europe s loans . the new york times . 2002 depfa bank statutory instrument dougherty carter 1969 12 31 . germany guarantees bank deposits . the new york times . dougherty carter 5 october 2010 . germany guarantees bank deposits . the new york times . duhigg charles ; dougherty carter 2008 11 02 . from midwest to m.t.a. pain from global gamble . the new york times . state aid commission approves restructuring plan of hypo real estate and clears the aid . european commission press release . european commission . 18 july 2011 . retrieved 9 july 2014 . hypo real estate minority squeeze out cleared by appeals court . www.bloomberg.net . bloomberg l.p. 28 september 2011 . retrieved 2014 07 09 . external links edit official site this german bank or insurance related article is a stub . you can help wikipedia by expanding it . v t e retrieved from https en.wikipedia.org w index.php title depfa bank & oldid 666385602 categories banks of irelandbanks of germanybanks established in 1922german company stubseuropean bank stubshidden categories all stub articles navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more search navigation main pagecontentsfeatured contentcurrent eventsrandom articledonate to wikipediawikipedia store interaction helpabout wikipediacommunity portalrecent changescontact page tools what links hererelated changesupload filespecial pagespermanent linkpage informationwikidata itemcite this page print export create a bookdownload as pdfprintable version languages deutsch suomi edit links this page was last modified on 10 june 2015 at 20 26 . text is available under the creative commons attribution sharealike license ; additional terms may apply . by using this site you agree to the terms of use and privacy policy . wikipedia is a registered trademark of the wikimedia foundation inc. a non profit organization . privacy policy about wikipedia disclaimers contact wikipedia developers cookie statement mobile view