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Brussels, 16 February 2011
Statement by Joaquín Almunia Competition Commissioner and Vice President of the Commission on WestLB
"As agreed with Finance Minister Wolfgang Schäuble, the German federal government yesterday night submitted proposals for the restructuring of Westdeutsche Landesbank. 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'.
Additionally, the Commission received a report on the sales process, which is based on the May 2009 decision.
My services and I are analysing the submission. I will be in contact with the federal government in the coming days to discuss the next steps. "