April 23, 2008 (LPAC)--German private bank Düsseldorfer Hypobank (Düsselhyp, or DHB), one of the 50 largest banks in Germany, went belly up yesterday and was saved from failure only by the intervention of the private German Banking Security Fund, which took DHB over and will now try to find a buyer. DHB, a mid-sized bank with some $42 billion in assets, dealt mainly in Pfandbrief covered bonds, which until recently were considered safe. DHB joins IKB and Sachsen LB on the list of German bank rescues, but the problems run much deeper than have been revealed so far, and go much higher up the banking food-chain.