Statement on the Financial Markets Stabilization Act
The owners and Managing Board of WestLB AG welcome the Financial Markets Stabilization Act adopted by the Lower and Upper Houses of the Federal German Parliament. There is no alternative to the package of measures designed to counteract the systemic crisis in the international financial markets following the collapse of Lehman Brothers. The required set of measures can only have the desired effect if they are actually utilized.
The initiative of the federal government offers the possibility to strengthen WestLB AG, improving the foundation for positioning WestLB AG in the consolidation process of the Landesbanks.
In the coming weeks the Managing Board will identify possible measures in conjunction with the owners, the federal government, represented by the Financial Markets Stabilization Authority (Finanzmarktstabilisierungs-
gesetz, FMSA), and the European Commission. This includes, in particular, cooperating in a constructive manner with the European Commission in the current proceedings. WestLB AG is able to exercise due care in considering the options available because the risk shield set up by the owners in spring 2008 has meanwhile provided operational stability.