Policy.11.0.Microsoft.Office.Interop.Excel not redirected

Hi,

Here is the situation:

I`m using a 32bit program in VB which uses the Microsoft.Office.Interop.Excel.dll which is added as a reference to the project and points to v11 (Office 2003) of the above stated dll.

I have 2 PCs (not development ones) which run the program.

On one of them the version of the interop is redirected to v12 (Office 2007) on the other - not!

Not Working:

LOG: This bind starts in default load context.
LOG: Using application configuration file: C:\Program Files (x86)\*\*\*.exe.Config
LOG: Using machine configuration file from C:\Windows\Microsoft.NET\Framework\v2.0.50727\config\machine.config.
LOG: Post-policy reference: Microsoft.Office.Interop.Excel, Version=11.0.0.0, Culture=neutral, PublicKeyToken=71e9bce111e9429c
LOG: GAC Lookup was unsuccessful.

Working:

LOG: This bind starts in default load context.
LOG: Using application configuration file: C:\Program Files\*\*\*.exe.Config
LOG: Using machine configuration file from C:\Windows\Microsoft.NET\Framework64\v2.0.50727\config\machine.config.
LOG: Publisher policy file is found at C:\Windows\assembly\GAC\Policy.11.0.Microsoft.Office.Interop.Excel\12.0.0.0__71e9bce111e9429c\Policy.11.0.Microsoft.Office.Interop.Excel.config.
LOG: Publisher policy file redirect is found: 11.0.0.0 redirected to 12.0.0.0.
LOG: ProcessorArchitecture is locked to Legacy.
LOG: Post-policy reference: Microsoft.Office.Interop.Excel, Version=12.0.0.0, Culture=neutral, PublicKeyToken=71e9bce111e9429c
LOG: Found assembly by looking in the GAC.

The PIAs for Office2007 have been installed on both PCs. On both of them I can see the interops registered and present in the GAC and also the policy files are the same and are in the same directories.
One of the PCs is 32bit the other one 64bit (but I don`t think that`s the problem).
The *.config file for both applications is the same:
<?xml version ="1.0"?> 
<configuration> 
   <startup> 
      <supportedRuntime version="v2.0.50727" /> 
   </startup> 
</configuration>
Can anyone tell me what could be the reason that the policy redirection is not working on one of the machines? They are both run under an administrator user rights (Windows administrator).
GGreetings