The city of Puchheim is threatened with the loss of two million euros, which were invested in the Greensill-Bank threatened by bankruptcy.
Now Puchheim wants to join forces with 25 other affected municipalities in order to increase the chances of asserting legal claims.
Puchheim - As the city announces, in return for private investors you cannot rely on the so-called deposit protection and in the worst case even go away empty-handed.
The total of 26 municipalities that had entrusted Bremer Bank with its Australian parent company with total deposits of EUR 255 million exchanged views last Monday.
You are planning to legally position yourself together for the initiated insolvency proceedings.
That means: Through the merger, it is hoped to get back at least parts of the systems from the existing bankruptcy estate.
In addition, liability claims are to be examined jointly.
According to the city, all of the members of this alliance have in common that they had to regard their invested money as safe until the current year.
In some cases, various financial service providers even advised them to use the system.
Until the end, Greensill had been rated well.
It was too late to find out about the investigations carried out by the Federal Financial Supervisory Authority (Bafin), which had been going on for months.
And then the shock news: On March 3, the Bafin put the bank's business on hold due to the threat of over-indebtedness.
According to the city, a bankruptcy petition was filed last Monday.
Meanwhile, the local political scene is seething: The FDP is calling for an investigative committee.
The CSU complains of clear misconduct: The facility at the bank violated the guidelines adopted by the city council.