Landesbanks face uncertain future as EC wins fight to end state guarantees

Germany’s Landesbanks were left contemplating a challenging future without the state support mechanisms of Anstaltslast and Gewährträgerhaftung this week, following an agreement between European competition commissioner Mario Monti and German state secretary for finance Caio Koch-Weser on Tuesday to phase out the two guarantees.

  • 20 Jul 2001
The agreement is a victory for the European Commission and Germany's private banks, which have long argued that with many of the Landesbanks increasingly engaging in commercial, rather than public sector activity, the guarantees offered the state banks an unfair funding advantage. Nikolaus Bömcke, secretary general of the ...

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