IKB可能仅仅是个案，但许多德国银行，尤其是批发银行，已被引流分化为信贷资产证券，哪怕他们否认存在太多的次级部分。

IKB may be a special case, but many German Banks, particularly the wholesale Landesbanks, have been tempted to diversify into CDOs, though they deny much subprime exposure.

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但与许多德国银行一样，它部分属于国有；而众所周知，德国政客非常不愿意批准遭受产能过剩之苦的银行业市场的整合。

But like many German Banks, it was partly state-owned; and German politicians have been notoriously reluctant to permit consolidation in a banking market suffering from excess capacity.

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