Statement by the Supervisory Board of WestLB AG
In the Supervisory Board statement published on June 4, 2009, the Supervisory Board and the Bank’s owners emphasised that they continue to support WestLB jointly and agreeably. In the meantime all owners have arranged for decisions taken by their respective boards aimed at expanding the scope of guarantees by € 4 billion with a view to ensuring regulatory compliance for the Phoenix structure.
The Supervisory Board anticipates that the German parliament will shortly pass the amended Act on the Stabilisation of the Financial Markets which will define a clear framework for the divestment of non-strategic activities. The latter is an objective which needs to be tackled swiftly and comprehensively, not least in order to implement the EU Commission’s conditions with respect to the reduction of the Bank’s total assets and risk assets.
The owners and the Bank will work closely and constructively with the regulators, SoFFin and the EU Commission to coordinate all requisite steps and measures going forward.