BU Principal Finance: Statement by WestLB
In the light of current media speculation about the BaFin audit and the ongoing activities of the Bank's London Principal Finance Unit, WestLB today wishes to confirm the following facts.
The BaFin audit, which is a standard procedure under § 44 of the German Banking Code, is of one transaction within the principal finance unit only. The Bank has already taken provisions against this transaction.
During the audit, the Principal Finance Unit will, as normal, manage the Bank's Principal Finance portfolio and take forward transactions currently in progress.
At the conclusion of the audit, the findings will be made available for consideration by the relevant Board Committees of the Bank.
The Bank's other business units, in London and internationally, are completely unaffected by the BaFin audit process and continue to work with the Bank's clients as usual.