There are basically three facts:
1. This German bank (out of Bremen) has been in existence since 1927. It's not a regular kind of bank....it's not for regular people. It served professional organizations and communities. It's name was Norddeutsche finanz-AG.
2. Around 14 years ago....two British entities walked in (Eclear and Dereck Tulleet) and bought the operation. They renamed it Greensill Bank (in 2014).
3. In the past month (2021), bankruptcy is heavily discussed now. Amount in discussions? Two years ago, the debt was 3-billion Euro....so it's advanced past that point.
What really makes this a big topic? Well....a lot of German municipal communities put their money into the operation, and that money may not exist anymore. Amount? Not openly discussed. Some German mayors and city council folks are probably in a state of panic right now....wondering how they explain this to their townsfolk.
No comments:
Post a Comment