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Greensill Bank Deposits to Be Paid Out as Insolvency Starts

  • Financial watchdog had asked Bremen court to open proceedings
  • Deposit compensation could mean higher costs for German banks
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The Rise and Fall of Greensill
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Germany’s financial regulator triggered compensation for depositors in Greensill Bank AG after determining the lender can’t repay all of the cash.

BaFin, as the watchdog is known, said a group of commercial banks in the country will now examine depositors’ claims and pay them the amounts they’re eligible for. Earlier on Tuesday, a German court in the city of Bremen opened insolvency proceedings for Greensill Bank at BaFin’s request.