Despite getting an increase in the liquidity support originally pledged toward saving Hypo Real Estate (HRE), Pfandbriefe tied to the bank continue to suffer from disruptive pricing, Dresdner Kleinwort analysts said. The increase was to €50 billion ($68.4 billion) from €35 billion. 

Following the new liquidity injection, Standard & Poor’s placed the ratings of the bank and its member affiliate, Depfa, on the negative watch list. S&P said that the support operation could involve substantial restructuring and, possibly, reductions in the banks' size.

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