Notification of the Supervisory Board of WestLB AG
The Supervisory Board discussed in detail the considerations of the Managing Board regarding the Omega Project. Supervisory Board and Managing Board are agreed that a consolidation in the Landesbank sector is necessary and that a renewed ring-fencing of assets off the balance sheet of WestLB may then be appropriate.
The considerations of the Managing Board represent one possible approach towards implementing a renewed ring-fencing of assets. If alternatives should emerge, the Managing Board will pursue these and will be asked to submit them to the Supervisory Board at the earliest opportunity.
Against this background, the Supervisory Board agrees with the initiative of the Managing Board to hold talks at short notice with the German banking supervisory authority (BaFin), the SoFFin, the Federal Government and the European Commission to make use of all opportunities available under the FMStG and to clarify matters in greater detail.