WestLB Welcomes Decision of European Commission
Bank transfers bearer bonds to workout entity
WestLB welcomes the decision of the European Commission to approve temporarily the establishment of a workout entity pursuant to § 8a of the amendment to the Financial Market Stabilisation Act (FMStFG). As in other state aid proceedings relating to banks, the Commission gave its provisional approval and simultaneously instituted a formal investigation procedure. This is the first occasion on which the Commission has been required to formally examine the establishment of a workout entity pursuant to § 8a FMStFG. The Managing Board is confident that, in further constructive talks with the European Commission, a final and conclusive approval of this FMStFG-based measure will be achieved in the further course of the investigation procedure.
WestLB today transferred bearer bonds with a volume of € 5.5 billion to the workout entity. Specifically, this refers to securities with the following identification numbers:
DE0008079690
DE0003078887
XS0193942470
DE000WLB1W22
XS0185747721
XS0218151362
The payment obligations under these bonds are currently, and also after completion of the transfer, governed by the guarantor liability of the owners of WestLB AG. Once the transfer becomes legally effective, the workout entity assumes all obligations of WestLB to service the securities in accordance with the issuing terms from this date onwards.
If you have any questions on the above, please do not hesitate to contact WestLB’s Investor Relations team:
Barbara Zierfuß Tel.: +49 211 826 – 2533
Holger Grawe Tel.: +49 211 826 – 2530