Brussels, 19/12/2003 (Agence Europe) - Confronted with financial difficulties after unfortunate investments in real estate, the Bankgesellschaft Berlin (BGB), which is held by the Land of Berlin received rescue aid of 1.75 billion EUR from the regional authorities in 2001. This aid was authorised by the Commission, which the opened an inquiry into the conditions of this aid, which did not lead to sufficient restructuring of the Berlin bank, and into the Land's taking over of some of the real estate stakes (21.6 billion EUR). In order to escape the obligation to refund al or part of this sum, the Land's authorities had to agree to the banking conglomerate's being broken up. This arrangement took place during a meeting on Thursday between Commissioner Mario Monti and the Mayor of Berlin, Klaus Wowereit, the "Finance Senator" Thilo Sarrazin and the Secretary of State within the Federal Ministry of Finances, Caio Koch-Weser. The agreement provides for the Berliner Bank to be sold on 1 October 2006 with a definitive transfer of control to a new owner no later than 1 February 2007. The German authorities have also undertaken to privatise BGB towards the end of 2007. Commissioner Monti is to propose that the Commission closes the inquiry procedure and authorises the aid to BGB.