Article: EU approves rescue package for German bank WestLB

EU approves rescue package for German bank WestLB

BRUSSELS, April 30 (Xinhua) -- The European Commission Wednesday approved an aid plan for a German state to rescue regional public bank WestLB, a victim of the U.S. subprime crisis.

With total assets of 285.3 billion euros in 2006, WestLB is a major German financial services provider.

The German state of North-Rhine Westphalia, where WestLB is based, moved in February to grant a risk shield to protect WestLB.

There are strict conditions to ensure that the aid is limited in time and ...

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