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UPDATE 1-Merkel urges EU to approve German bank aid
December 4, 2008 / 9:54 AM / 9 years ago

UPDATE 1-Merkel urges EU to approve German bank aid

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BERLIN, Dec 4 (Reuters) - German Chancellor Angela Merkel on Thursday called on the European Commission to quickly approve Germany’s planned aid for lender Commerzbank (CBKG.DE) as part of its bank rescue package.

Germany is in a dispute with the Commission over whether the aid for Commerzbank complies with the terms of the 500 billion euro ($633.4 billion) rescue fund that the EU has approved.

“Europe must, I say this clearly in relation to the German bank rescue package, act speedily,” Merkel said.

Commerzbank last month became Germany’s first commercial lender to turn to the government for capital, seeking the aid to help it cope with the fallout from the global financial crisis.

The European Commission argues that Germany has failed to deliver the necessary information to show aid for Commerzbank was in line with EU rules. (Reporting by Madeline Chambers; editing by Simon Jessop)

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