La European Commission it closely follows the events of European banks, in particular those most in difficulty, and is ready to rush to the aid of the German West LB and Bayern LB, and above all of the Franco-Belgian-Luxembourg Dexia. This was stated by Joaquín Almunia, vice president of the EU Commission and commissioner responsible for competition policy, at a press conference.
With regard to the WestLB, which delivered a restructuring plan to the European Commission in February, "the decision on the restructuring will be taken by the Commission before the end of this month, around December 20," announced Almunia. West LB at the beginning of the year had announced losses of one billion euros, and the restructuring plan envisages one reduction of one third of its activities and a partial dismantling of the group.
La Bayern lb it is "the last German bank to have asked for help" from the EU institutions, and "we hope to close the file in a positive way as soon as possible", continued Almunia. “At the moment we haven't gotten there yet, but we're close”, he limited himself to saying.
Finally, the more delicate appears case of Dexia. lender ever closer to insolvency and that risks becoming the European Lehman Brothers. "The three governments (France, Belgium and Luxembourg) presented the notifications on the bank, but not complete with all the information" needed to start the aid plan, Almunia said. As the EU "we are willing to give guarantees to help Dexia as soon as possible". This, he explained, was told to the finance ministers of France and Belgium during yesterday's Ecofin meeting, and the two ministers, reported Almunia, "were guaranteed that they will send us the missing information as soon as possible, but without specifying when ”.
