Westimmo says has not been involved in Libor fixing

Reuters

FRANKFURT, Oct 1 (Reuters) - German mortgage bank Westimmo, formerly a unit of defunct WestLB, onTuesday said it has not been involved in fixing the benchmarkinterest rate Libor.

The bank would defend itself strongly against suchallegations, it said, adding it was reacting to press reportsmentioning Westimmo as one of 13 banks subject to a probe byU.S. credit union regulator NCUA.

WestLB, once Germany's largest state-backed lender and amember of the Libor panel, was broken up last year - a step theEuropean competition watchdog had demanded in return for thestate aid it received in the financial crisis.

As part of the breakup, property finance unit Westimmo wastransferred to WestLB's "bad bank" called ErsteAbwicklungsanstalt (EAA).

Westimmo itself has never been a member of the Libor panel,the bank said in its statement.

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