Critics charge that the big fish in the financial crisis were never caught, however Georg Funke, the former CEO of Hypo Real Estate, is to be charged with falsifying financial reports by the Munich regional court. Depfa, the bank’sn Dublin-based subsidiary, came close to collapse during the crisis leading to an enormous resuce effort at a cost of a staggering €140bn. Funke will not be charged on embezzlement, reports The Irish Times, on the basis that the claims have proven impossible to prove. Funke denies any wrongdoing, but former shareholders of the bank are holding out for €1.1bn in damages, claims they are pursuing through the bank’s current owner, the German state.
