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Financial disaster with Greensill Bank: Vaterstetten says goodbye to tax millions

2021-03-26T18:40:28.989Z


A large part of the facilities of the community of Vaterstetten at the stumbling Greensill Bank is probably lost. It is about 5.5 million euros, proceedings are ongoing.


A large part of the facilities of the community of Vaterstetten at the stumbling Greensill Bank is probably lost.

It is about 5.5 million euros, proceedings are ongoing.

Vaterstetten

- "A serious statement cannot currently be made about this," said Mayor Leonhard Spitzauer (CSU) now in the municipal council's budget debate.

“But I read in an article that an insolvency rate of ten to 20 percent can be assumed.

“That would mean that up to 90 percent of the Vaterstetten tax millions would be lost.

In addition, the municipality is examining claims for damages.

The mayor said this at the request of the SPD.

The Federal Financial Supervisory Authority, "BaFin" for short, closed Greensill Bank AG a few weeks ago.

Turbulence at the British-Australian parent company had put the Bremen subsidiary in trouble.

At the bank, Vaterstetten had repeatedly deposited sums of money of varying amounts, the last time being EUR 500,000 on February 15th.

According to the town hall, the municipality had distributed its deposits to various banks on the recommendation of the Bavarian Municipal Auditing Association.

In order to avoid penalty interest (negative interest), private institutes were also taken into account accordingly.

The community's liquid funds were invested exclusively in short-term time deposits (up to 1 year) with various banks (savings banks, private banks and cooperative banks).

Some of the systems have since been terminated.

Problem: The public sector is not protected by the statutory deposit insurance.

Now she's getting one on her fingers.

When asked by the SPD whether the community had made a picture of the bank for itself or only relied on the recommendation of an intermediary, Spitzauer emphasized: “Our financial administration regularly looked at the annual financial statements of the banks.

The auditor's certificate was decisive here. "

The community has now called on a lawyer in the legal dispute with the bank.

A fixed fee had not been negotiated, according to Spitzauer.

"This is currently not possible, because firstly, the assumption of costs by our legal protection insurance is currently being examined and, secondly, the extent of legal advice cannot yet be assessed."

The municipality will miss the lost money in future projects.

And: The municipality of Vaterstetten has not yet had any investment guidelines adopted by the municipal council.

The mayor said the investment of the funds was covered by the financial administration's instructions for the finance and cash system.

Nevertheless, a directive is now being worked on.

All news from the Ebersberg district at the Ebersberger Zeitung.

By the way: Everything from the region is now also available in our new, regular Ebersberg newsletter.

Source: merkur

All news articles on 2021-03-26

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