Competition Commissioner Almunia: Proposal submitted by the German federal government on the restructuring of WestLB
16 February 2011
WestLB is under a restructuring obligation as a result of having received State support since the beginning of the financial crisis, including after a Commission decision of May 2009.
The documents submitted are:
- a restructuring plan prepared by the bank itself;
- an alternative concept of restructuring submitted by the Minister, whereby a limited part of WestLB becomes a "Verbundbank" to be owned by the savings banks and which would act as a service provider to the latter, the saleable portfolios are divested, and the non saleable ones transferred to the existing EEA 'bad bank'.
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