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Europe Daily Bulletin No. 7900
Contents Publication in full By article 27 / 35
GENERAL NEWS / (eu) eu/state aid

Commission to give stance on WestLB split but awaits "global" solution for German state-owned banks

Brussels, 09/02/2001 (Agence Europe) - During a meeting with Competition Commissioner Mario Monti, on Friday in Brussels, the German authorities presented a plan for separating the "public" and "commercial" activities of the WestLB bank, in order to resolve the dispute that opposes them to the Commission concerning the funding of German state-owned banks. Before giving its stance, the Commission will present a questionnaire, next week in Germany, in order to make the details of this split clear. It hopes an overall solution to the problem of public bank funding will be funded, as the solution proposed for WestLB is not necessarily applicable to all other banks, said the Commissioner's spokesman. The Commission must also give its stance on the new deadlines requested by Germany, for replying to the letter of 26 January which places the guarantees granted to German regional banks in the State aid category (see EUROPE of 27 January, p.9).

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