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German FinMin-Disapprove of EU approach on bank aid

Tue Dec 2, 2008 2:12am EST

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BRUSSELS, Dec 2 (Reuters) - Germany, France and some other EU countries are dissatisfied with the European Commission's approach on deciding whether or not to approve state aid for banks, Germany's finance minister said late on Monday.

"We do not approve of the schedule, of the procedure and above all of the Commission's speed," Peer Steinbrueck told reporters in Brussels in remarks embargoed for Tuesday.

Steinbrueck said French Economy Minister Christine Lagarde had his support at a meeting with EU Competition Commissioner Neelie Kroes on Tuesday to address the issue.

Germany has been in a dispute with the Commission for weeks over whether state aid for Commerzbank (CBKG.DE) complies with the terms of a German bank rescue fund the EU has approved. (Reporting by Ilona Wissenbach; writing by Paul Carrel)



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