From Black Forest to Cologne, German towns fear Greensill losses
Bad Duerrheim, รวมโปรสล็อต a town of 13,400 people on the fringes of the Black Forest, is one of many across Germany united by a shared anxiety, the possibility of losing millions of euros invested with Greensill Bank.
The obscure Bremen-based private bank's owner Greensill Capital entered insolvency this week after losing insurance coverage for its debt repackaging business.
Greensill Bank, meanwhile, was locked down by Germany's financial watchdog last week with a warning of an imminent risk that its debt would become unmanageable and a statement calling some of its financial accounts into question. Greensill Capital said that the bank always sought external legal and audit advice before booking any new asset.
"We have to find out what happened," Alexander Stengelin, a Bad Duerrheim official told Reuters.
German towns have turned to alternative investments such as those offered by Greensill Bank as European Central Bank efforts to prop up the wider economy have resulted in so-called negative interest rates, with fees charged for savings.
Cologne, famed for its cathedral and perfume, and Wiesbaden, which is close to Germany's financial capital Frankfurt, both say they consulted brokers on where to park their cash.
The two, along with at least a dozen others, say they opted for Greensill to avoid fees charged by other banks and encouraged by its once healthy credit rating.
The municipalities now fear their cash, largely invested at Greensill Bank in time deposits with short maturities of several months, may be lost for good as they are classed as institutional investors and therefore are not covered by a deposit protection scheme for individuals.
Greensill Bank states this on its website but some cities are nevertheless calling on the federal government to step in to cover any losses they may incur. A Greensill spokesman declined to comment.
Town officials are now consulting with others in the same position and hope to convene a video call on how to proceed.
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