Investment in bankrupt bank Greensill: Vaterstetten fights for his millions

The municipality of Vaterstetten, together with 25 other municipalities, is trying to get their money from the Greensill Bank.

The bank has since filed for bankruptcy.

For Vaterstetten it's a whopping 5.5 million euros.

Vaterstetten

- According to the town hall, the municipality of Vaterstetten is cooperating with the other municipalities that could also become victims of Greensill's bankruptcy.

The municipalities have invested a total of 255 million euros in the Bremen Institute.

Mayor Leonhard Spitzauer (CSU) hopes with the association for more assertiveness, be it with the insolvency administrator, be it with the examination of claims.

The municipalities have their sights on the Greensill supervisory board and the auditing company, as well as the brokers and rating agencies - a very large barrel could be opened.

On March 3, the Federal Financial Supervisory Authority (Bafin) imposed a payment moratorium on Greensill Bank due to the threat of over-indebtedness.

This means that the bank has not been allowed to make deposits or withdrawals for two weeks.

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Leonhard Spitzauer, mayor of Vaterstetten, hopes that the community will get at least some of its deposits back.

© Stefan Rossmann

The insolvency administrator of Greensill Bank AG expects a complex, extensive and lengthy procedure.

"I

assume that this process will last between five and ten years," said insolvency administrator Michael Frege of

"Wirtschaftswoche".

Initially, the focus would be on securing assets and data as well as establishing contact with all those involved.

On Wednesday, Frege wanted to speak to the board of directors and employees of the bank and "

send out the

first

circulars to the damaged creditors".

Talks with the members of the creditors' committee are also planned.

"Furthermore, we will take all necessary measures to secure the

company's assets at home and abroad as quickly as possible

," announced Frege.