Erscheinung:16.03.2021 | Topic Consumer protection Press release| 16 March 2021
BaFin determines that compensation is payable to Greensill Bank AG’s depositors
On 16 March 2021, the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) determined that compensation is payable to Greensill Bank AG’s depositors as the institution is no longer able to repay all of its customers’ deposits.
Previously, on 15 March 2021, BaFin had requested that the Local Court of Bremen (Amtsgericht Bremen) open insolvency proceedings against Greensill Bank AG. On 16 March 2021, the Local Court of Bremen opened the proceedings and appointed an insolvency administrator.
The deposits of Greensill Bank AG’s customers are protected under the German Deposit Guarantee Act (Einlagensicherungsgesetz – EinSiG). The institution is a member of the Compensation Scheme of German Banks (Entschädigungseinrichtung deutscher Banken GmbH – EdB). As BaFin has determined that compensation is payable, the conditions have been fulfilled for the EdB to examine depositors’ claims and to satisfy these claims up to an amount of 100,000 euros – or 500,000 euros in certain exceptional cases. The EdB will contact the institution's creditors in the near future.
Greensill Bank AG is also a member of the Deposit Protection Fund (Einlagensicherungsfonds) of the Association of German Banks (Bundesverband Deutscher Banken e. V. – BdB). In accordance with its by-laws, this Deposit Protection Fund assumes the part of the deposits exceeding the statutory limit – up to the applicable protection ceiling.
Notice:Contact for Investors
For questions regarding deposit protection and investor compensation, please contact the Compensation Scheme of German Private Banks (Entschädigungseinrichtung deutscher Banken GmbH) or the Deposit Protection Fund of the Association of German Banks (Einlagensicherungsfonds des Bundesverbands Deutscher Banken e.V.).
The Bremen Local Court has appointed Dr. Michael C. Frege, attorney-at-law, Hamburg, as insolvency administrator. General information can also be found in the questions and answers on the moratorium.
Contact person for journalists:
Contact:Oliver Struck
Head of Press and Public Relations
Phone: +49 (0) 228 4108-2410
E-mail: oliver.struck@bafin.de
