When the Autobank went bankrupt in 2021, the deposit insurance took hold for most savers (up to 100,000 euros), only those with higher deposits initially received nothing. Autobank CEO Markus Beuchert has now confirmed: “We will be able to repay the full €107 million in deposits to the deposit insurance scheme in the autumn of 2023.”
It is unique in the history of banks for an insolvent institution to meet all the requirements so that the deposit insurance financed by the other banks does not incur any costs. Those with more than 100,000 euros are also paid directly from the estate. The dismantling should be completed in September 2023, after which the Autobank will disappear completely.
What’s coming up for credit and lease customers
Loan and leasing contracts, the second core business next to savings deposits, will continue as usual. Most of the 7,000 contracts at the time of the bankruptcy expire before September 2023.
“They are served normally. Those 1,300 contracts that run after September 2023 will be successively rescheduled with the sales partners, so the dealers approach the customers,” explains CEO Gerhard Dangel. The now only 18 employees process about 250 existing loans and lease transactions per month.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
