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Europe Daily Bulletin No. 10047

24 December 2009
Contents Publication in full By article 16 / 31
GENERAL NEWS / (eu) eu/state aid
Temporary urgent rescue aid approved for Westlb but investigation opened into “bad bank”

Brussels, 23/12/2009 (Agence Europe) - On Tuesday 22 December, the European Commission temporarily approved the setting up of a "bad bank" for German Landesbank WestLB, which takes over a portfolio of toxic and non-strategic assets with a nominal value of €85.1 billion. To this end, WestLB is receiving capital of €3 billion from Germany (SoFFin). The Commission has given its temporary approval of the measures because it is necessary for reasons of financial stability. However, the...

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GENERAL NEWS