Landtag rejects rescue plan for west LB

After the red-and-green government has suffered a heavy vote defeat for the renovation draught the hardly groggy west LB, the future of the state bank is completely open. On Thursday the rescue plan for the west found LB absolutely unexpectedly no approval in the North Rhine-Westphalian Landtag. Thus the EU commission can claim back the aid performed in the past by milliard height. This should check, actually, on the same day still the renovation plans.

The rebuilding plan of the government had intended that the State of North Rheine-Westphalia with the sum of one milliard euros takes part in the renovation of the state bank. Nevertheless, for this plan the red-and-green minority government could find no majority because the representatives of the other groups were right unanimously against the application. Indeed, the vote seems to have failed rather because of discrepancies about the electoral behaviour than in material questions: SPD and CDU clashed because of the action by the vote in case of the illness-conditioned absence of single representatives so that as a result the rescue package fell through for the west LB.

The renovation draught intended that the west LB delivers her savings bank business and sells large parts of the remaining engagements either or shifts to theirs, juridically independent bath bank. From the west LB which occupies presently another about 4,500 employees only a small part would be able to continue to exist. This rescue plan for by the financial crisis in stumbling advisable west LB had worked out the federal Ministry of Finance under Wolfgang Schäuble, the State of North Rheine-Westphalia as well as the savings banks. Should the EU commission demand now really the repayment of her milliard help, a winding up the west LB is unavoidable. This could entail again for the country to have to perform two-digit milliard amounts.