Bundesbank head faces ouster

April 6, 2004 at 7:02 PM
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FRANKFURT, Germany, April 6 (UPI) -- Ernst Welteke, head of Germany's Bundesbank, has reportedly agreed to return more than $9,000 he received from a private bank for a hotel stay.

Welteke agreed to return to Dresdner Bank the $9,269 the bank spent to lodge him and his family at a Berlin luxury hotel for the celebration of the introduction of the euro on New Year's Eve 2001/2002, German newspaper Die Welt reports.

The board of the Bundesbank, the equivalent of the U.S. Federal Reserve, is investigating the incident and is to announce its ruling on Welteke's behavior Wednesday.

Welteke and Dresdner Bank are also the subjects of criminal investigations.

Welteke said his decision about whether to resign will depend on the result of ongoing investigations, but did not rule out the possibility he would leave his position at the Bundesbank.

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