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Credit Unions reject allegations of EU


Ging bei der Sanierung der WestLB alles mit rechten Dingen zu? Quelle: dpa

Went in the refurbishment of the WestLB everything above board? Source: dpa

WASHINGTON. The German savings banks resist the Vorwüfe the European Competition Commission, WestLB, the Düsseldorf had gained in the renovation of the State Bank by accounting tricks aid. "When aid is all clean and running properly," said the President of the German Savings Banks Association, Heinrich Haas, on the edge of the autumn meeting of the International Monetary Fund in Washington. The savings are in addition to the state of North Rhine-Westphalia, the owner of the land bank.

As the Handelsblatt reported, investigated, the EU Commission, whether it happened on removal of toxic assets and loans of € 77.5 billion right here. The junk bonds were swapped last year in a development bank under the umbrella of the rescue fund Soffin. In December, the European Commission has granted a provisional approval. The final missing but I to the present day, although it is long overdue since the middle of the year. In financial circles it is feared that the EU will come to the conclusion that is too low by a transfer of the toxic securities "rather than at market to book value" created a new aid situation in the billions. For that would balance the burden of WestLB stronger than has been justified, is expected in Brussels.

The President of the Savings Banks and Savings Banks Rolf Gerlach, WestLB as joint owner defends himself against the allegations. The process of building the settlement bank was done in close coordination with the EU Commission. Outsourcing and the assessment of the securities had been underpinned by a variety of opinions. Gerlach faces in transforming the WestLB continues on track. "These are not the owners, who are in default," he says with regard to the overdue approval of the bad bank. All requirements were met in Brussels from WestLB. This applies for example for the preparation of the prospectus. Already made and approvals could not, the EU Commission to turn back again, he said.