 The firm received a bailout from the Deutsche Bundesbank and other German banks in October 2008 in the midst of the financial crisis of 2007–2008, before approving a complete nationalization a year later.Hypo Real Estate encountered financial difficulties during the financial crisis of 2007–2008, principally due to the heavy debt burden of its Depfa Bank subsidiary.On 29 September 2008, Finance Minister of Germany Peer Steinbrück announced that a €35 billion line of credit would be extended to Hypo Real Estate from the Government of Germany and a consortium of German banks.