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Greensill branch in Bremen
Photo: FOCKE STRANGMANN / EPA
Among the investors from Germany who are worried about their investments in the forcibly closed Greensill Bank, in addition to numerous cities and municipalities, apparently also some public broadcasters.
According to a report by the Bremen »Weser-Kurier«, the North German Broadcasting Corporation (NDR) has confirmed that it is a customer of the financial institution.
The station has made time deposits with the bank since 2019.
The newspaper quotes a broadcaster with the words that the transaction had "always been properly".
The NDR did not provide any information about the amount of the deposits.
According to the newspaper, the NDR assumes that it will not suffer any financial damage.
In addition, the Saarland Broadcasting Corporation (SR) and the Südwestrundfunk (SWR) confirmed to the "Weser-Kurier" that they had invested in Greensill.
They didn't want to say anything about the height either.
The money of several cities is on fire
The supervisory authorities closed the Greensill Bank in Bremen last week due to the threat of over-indebtedness.
The institute is not in a position to provide evidence of the existence of accounts receivable that it has purchased from the GFG Alliance Group.
GFG stands for Gupta Family Group and belongs to the Indian-British steel magnate Sanjeev Gupta.
Its company Liberty Steel recently failed with the takeover of the steel division of Thyssenkrupp.
It was recently announced that several cities and municipalities fear investments in Greensill.
The city of Osnabrück has invested 14 million euros and the city of Monheim 38 million in the institute.
The problem: the statutory deposit insurance does not apply to deposits from municipalities.
It is a little different with institutions under public law.
Since January 1, 2020, financial investments with private banks are no longer generally secured for such stations, which also include the ARD broadcasters.
However, this only applies to investments over 18 months.
According to "Weser Kurier", the NDR refers to the fact that its facilities have extended over shorter periods of time.
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