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FDP financial expert open to destruction of WestLB

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DÜSSELDORF. In the debate about the future of WestLB in Düsseldorf, the financial expert of the FDP parliamentary group, Frank Schaeffler, has advocated the institution if necessary also to break up. Privatization of Düsseldorf State Bank was "absolutely necessary", said Schaeffler Trading Journal Online. "If this at WestLB on the whole not succeed, it must be disposed of in the interest of the taxpayer in parts -. The sooner the better"

Schäffler in that context, the current strategy, the country’s banks to merge into larger units, wrong. "The particular systemic risk to the taxpayer would have been potentiated by only," said the FDP politician. "For savings banks, municipalities, NRW, and now federal government must be clear that the time for decisions is long overdue."

The Green Party attacked the supervisory board of HSH Nordbank, Hilmar Kopper, hot. This had brought a drastic solution for WestLB into the game and said, "make line under it and handle." The financial expert of the Green group in the Bundestag, Gerhard Schick, said Handelsblatt online. "There is no sense in which to discuss Mr. Kopper, the future of the country’s banks at the level of individual institutions, instead of pointing the finger at the West LB should Mr. Kopper would rather his own homework at HSH. "

Schick, warned the coalition would finally develop a sustainable overall concept for the country’s banks, an overall decline in total assets was the goal. "The savings will continue to need one or two lead institutions such as the Central Bank as part of the cash compensation in international business or as an interface to the capital market," said the Green Party. The failure of talks between WestLB and BayernLB also show that federal Finance Minister Wolfgang Schäuble (CDU) was asked on the subject.

"A reorganization of the public banking sector in Germany – also in view of the requirements of the European Commission – will only succeed with the active role of the federal finance minister," said Schick. "For the individual perspectives of each country’s banks and their owners more difficult a solution for the German taxpayer to minimize the damage and provides for the bank customers a publicly owned financial sector with a viable business model."

The Federal Government expects, however, no breakdown of WestLB – despite the failed merger talks with BayernLB. "We do not anticipate that there will be a collapse of WestLB," a spokesman for the Treasury said on Friday. Negotiations with BayernLB have failed for economic reasons.

It will now continue to develop a clean, European law and worked for the tax payers cost solution for WestLB. The bank must be sold by end 2011 or merged. The federal government is sitting with a hidden reserve of three billion euros in Dusseldorf in the boat.

At the closure of the institute, however, leads in the opinion of EU Competition Commissioner Joaquin Almunia perhaps by no other way. This possibility was already in the aid decision by the EU Commission last year were mentioned. "According to the information I have given you (today) was added to it, exercising this option, unfortunately," Almunia said in Brussels on Friday. The Commissioner urged the Bank as soon as possible to find a new owner. Another of the EU Commission is required to restructure a prerequisite. Almunia also has little sympathy for the desire of the Bank, for the sale of its real estate subsidiary WestImmo to get more time. "We recognize that market conditions are difficult, but that has not prevented other banks from selling," he said.

The clearing bank will make for lazy Securities Commission for fear of more losses and may need additional state guarantees.