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LBBW says to catch up with missed certificate payments
February 19, 2014 / 8:47 PM / 4 years ago

LBBW says to catch up with missed certificate payments

FRANKFURT, Feb 19 (Reuters) - German public sector bank Landesbank Baden-Wuerttemberg (LBBW) said it would be able to make up a final 239 million euros ($328.71 million) of missed payments on silent participations and profit participation certificates, based on its preliminary earnings for 2013.

LBBW, along with other regional state-owned lenders known as landesbanks, lost tens of billions of euros on risky investments in the financial crisis, forcing its owners to prop it up with 5 billion euros of taxpayers’ money in 2009 and 12.7 billion euros in loan guarantees.

With its 2012 results it was able to make up almost 41 percent of payments that were missed between 2009 and 2011.

It said late on Wednesday it also expect to make regular payments on the certificates for the 2013 financial year.

It added that a final, binding decision on whether it would be able to make up the payments would only be made after its annual accounts have been approved in March. ($1 = 0.7271 euros) (Reporting by Victoria Bryan, editing by David Evans)

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