Press Release: Commission orders Germany to recover more than €3 bln, plus interest, from WestLB and six other public banks

The European Commission concluded on 20 October 2004 its long-standing investigation into the transfer of public assets, in the early 90s, to seven German regional public banks by ordering Germany to recover € 3 billion plus interests. The decision ended the probe into the Landesbanken which had occupied the Commission for about 10 years and which culminated with a landmark agreement, in 2001 and 2002, on the issue of the state guarantees (Anstaltslast and Gewaehrtraegerhaftung) attached to the banks' statute.