German Deposit Insurance Pays €2.7B To Greensill Customers

Law360, London (April 6, 2021, 3:24 PM BST) -- Germany's deposit protection schemes have said that they have paid back approximately €2.7 billion ($3.2 billion) to 20,500 customers of a German banking subsidiary of failed U.K. lender Greensill Capital.

The deposit protection fund of the Association of German Banks and the statutory Compensation Scheme of German Private Banks said on Monday that they have refunded deposits to customers of Greensill Bank AG. Germany's financial regulator BaFin began insolvency proceedings against the bank at the local court of the northern city of Bremen in March.

BaFin said at the time that it found that the supply-chain lender, which holds €4.5 billion...

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