Insurance companies, investment companies and public corporations and institutions, among others, are no longer to be protected.
(Photo: dpa)
Frankfurt The German private banks are fundamentally restructuring their deposit insurance after the bankruptcy of the Bremen money house Greensill and are drastically reducing the scope of protection. From 2030, private savers will only be compensated up to an amount of one million euros, companies up to an amount of ten million euros.
The upper limit is currently 15 percent of the liable equity of the respective bank, on average that is 190 million euros per customer. At Greensill Bank, which collapsed in the spring, deposits of up to 75 million euros were compensated. In total, the deposit protection fund, which has around 120 members, had to take three billion euros into its hands at the time.
The case has led to heated debates within the BdB private banking association – both about the scope of protection and the monitoring of the financial institutions involved.
Read on now
Get access to this and every other article in the
Web and in our app for 4 weeks free of charge.
Further
Read on now
Get access to this and every other article in the
Web and in our app for 4 weeks free of charge.
Further