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Originally Posted by Tasty1
Under German/EU banking license 100.000 euro is insured and will be paid, but how long will that take..
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Are you sure this is insured tho? I'm not sure if they were insured.
Normally, goverment insurance in this case goes rather "smoothly" unless there's a humongous amount of debt, and 1B is not nearly the case to mess things up. Also, im pretty sure ECB would step in and bail germany in this case as well. So this part is not really an issue. If money was insured, getting 100k will be rather painless. Getting anything after that will take years if you ever see it, but as i said, im not sure where you see they are goverment insured?
And size of wirecard is not an issue, they're not that big of a player to cause big waves, problem is that banks have taken their stocks as collateral. What this means is that if they did it with wirecard, they've also done it in a lot of other places. The scope of them doing this is totally unregulated and unknown, and could be a huge house of cards waiting to fall down.
Quote:
Originally Posted by DukeSkywalker
I have a thought here. I have no dog in this fight so I can be objective here. This isn’t like SKNAB where they lost their ability to process visa. This is banking institution and a cog in the wheel in the german economy. Typically, in situations like this, it isn’t game over. Usually there is some kind of bailout. We will see though. As they say, the rich get richer.
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This is a privately owned payment solution provider, not a bank. I don't see why goverment would ever bail them out. Even private banks are not really bailed out per se. I don't see it happening unless something a lot bigger is happening behind the scenes.