Quote:
Originally Posted by ladida
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.
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.
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PDF File:
https://www.wirecardbank.com/fileadm...Protection.pdf
1 Your deposit is covered by a statutory Deposit Guarantee Scheme and a contractual Deposit Guarantee Scheme. If insolvency of your credit
institution should occur, your deposits would in any case be repaid up to EUR 100,000.
2
If a deposit is unavailable because a credit institution is unable to meet its financial obligations, depositors are repaid by a Deposit Guarantee
Scheme. This repayment covers at maximum EUR 100,000 per credit institution. This means that all deposits at the same credit institution are added
up in order to determine the coverage level. If, for instance, a depositor holds a savings account with EUR 90,000 and a current account with
EUR 20,000, he or she will only be repaid EUR 100,000.
3
In case of joint accounts, the limit of EUR 100,000 applies to each depositor. Deposits in an account to which two or more persons are entitled as
members of a business partnership, association or grouping of a similar nature, without legal personality, are aggregated and treated as if made by a
single depositor for the purpose of calculating the limit of EUR 100,000. In the cases listed in Section 8 (2) to (4) of the German Deposit Guarantee
Act (Einlagensicherungsgesetz) deposits are protected above EUR 100,000. More information can be obtained from the website of
Entschädigungseinrichtung deutscher Banken GmbH at
Entschädigungseinrichtung deutscher Banken - edb-banken.de.
4
If you have not been repaid within these deadlines, you should contact the Deposit Guarantee Scheme since the time to claim reimbursement may
be barred after a certain time limit. More information can be obtained from the website of Entschädigungseinrichtung deutscher Banken GmbH at
Entschädigungseinrichtung deutscher Banken - edb-banken.de.
5
In general, all retail depositors and businesses are covered by Deposit Guarantee Schemes. Exceptions for certain deposits are stated on the
website of the responsible Deposit Guarantee Scheme. Your credit institution will also inform you on request whether certain products are covered or
not. If deposits are covered, the credit institution shall also confirm this on the statement of account.
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But i don't know everything. I saw they had a german bankng license, so they have that quarantee deposit scheme. With the Epassporte debacle VISA blocked the debetcards for a while and than some weeks/months later you where able to collect your money from it. In Holland this deposit quatantee is paid by the other banks... So they will make a huge loss. Don't know if that system is also in germany and if it is already changed that all EU banks/countries must help.
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Wirecard Bank AG
Since 2006, Wirecard Bank AG has been part of the Wirecard AG Group, whose corporate objective is to provide consumers and companies worldwide with an opportunity to process electronic payments securely and smoothly.
The company is globally active in supporting companies from various industries to automate payment processes and minimize bad debt losses. Wirecard Bank is a member of the Deposit Protection Fund of German banks and is supervised by the Federal Financial Supervisory Authority (BAFin). As a company of the Wirecard Group, it draws on innovative technological solutions and comprehensive e-commerce expertise. As a member of Visa, Master Card and JCB International, Wirecard Bank is also licensed to conclude credit card acceptance agreements (acquiring) and issue cards (issuing).
https://www.fpmi.de/en/participants/...d-bank-ag.html
The Deposit protection scheme
https://en.bankenverband.de/tasks/de...ection-scheme/
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I think they better print new shares or bonds if the government don't want to step in. But who knows, maybe there is already a new private investor. In holland a company like Wirecard exploded on the stock market (Adyen) went from 700 euro to 1200 euro a share. But they hande payments from Amazon.