09/11/2001 (Agence Europe) - Commissioner Monti is said to have approved the restructuring plan of the Westdeutschen Landesbank, the largest public bank in Germany. The plan provides for the banking institution to be divided into two, the first as a company governed by public law that will take over most of the activities of the former WestLB, and the other as a business subsidiary. "Legally, the WestLB is in order, in so far as the business subsidiary will not receive any secret subsidies from its parent company under public law", said Mr Monti's spokesperson. He confirmed that there had been an exchange of correspondence between the Commissioner and the Finance Minister of the Land of Nordrhein-Westphalen, Peer Steinbrück. He did not, however, specify its content. We recall that Germany had been called upon by European authorities to change the system of guarantees granted to public banks as they were to the disadvantage of the rival private banks. See EUROPE of 19 July, p.13, in particular.