Boss of German bank Hypo Real Estate resigns

FRANKFURT: The head of the troubled German mortgage lender Hypo Real Estate, Georg Funke, has resigned, the fourth biggest German bank said in a statement.

Funke's future had been thrown in doubt when his bank needed a 50-billion-euro (68-billion-dollar) bail out and German Chancellor Angela Merkel said: "those who managed their company in an irresponsible way will have to answer for it."