22/12/2009
WestLB Welcomes Decision of European Commission
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.