Insolvency proceedings at Greensill Bank, sought by Germany’s BaFin financial regulator, now have court backing as German municipalities fear hefty deposit loses.
A German court appointed an insolvency administrator to Greensill Bankon Tuesday, as requested by BaFin, Germany’s previously criticized financial regulator.
Specialist lawyer Michael Frege will wind up the bank, reportedly with 3.6 billion ($4.3 billion) at stake from depositors attracted by margins above Europe’s negative interest rates.
The previously obscure Bremen bank entered insolvency last week after Greensill Capital, a Britain-Australian financier headquartered in London, lost insurance coverage for its short-term debt repackaging business.
That financial service w…
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