German And Swiss Local And Regional Governments Rein In New Borrowing But Gross Debt Will Stay High Jul 12
- Language: English
- Published: July 2012
- Region: Germany, Switzerland
The counterparty credit ratings on Landesbank Nordrhein-Westfalen (LB NRW) reflect that the bank continues to benefit from its key owner, the State of North Rhine-Westphalia's (NRW; AA/Stable/A-1+) maintenance obligation (Anstaltslast) and statutory guarantee (Gewährträgerhaftung), which can be maintained until at least July 18, 2005. Activities of special credit institutions that are entrusted with promotional tasks in compliance with the state aid rules of the European Commission (EC), and which aim at supporting clearly defined public policies and public tasks, may continue to benefit from state guarantees, however. In this case, legislative specifications of such activities must be completed by the end of March 2004, and commercial activities must be discontinued or separated from the scope of state guarantees by year-end...
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