BANKING : GREEN LIGHT FOR STATE GUARANTEES FOR TWO GERMAN BANKS.
On 23 December 2008, the European Commission approved two German guarantees, one for IKB and the second for NordLB, to cover the banks' medium-term refinancing needs during the financial crisis. In both cases, the EU executive found that the measure is in line with its guidelines on rescue measures for the banking sector to cope with the crisis (see Europolitics 3617).
The guarantee for IKB will keep its restructuring operation from being impeded by insufficient liquidities. The German authorities notified, on 16 December 2008, a guarantee of nearly 5 billion for IKB's newly-issued debt, granted under the German support scheme for financial institutions and approved on 28 October 2008 by the Commission (3627). Germany will receive market-based remuneration in accordance with the recommendations from the European Central Bank. The measure comprises state aid but...
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