Savings threaten losses

The light board, the angereisten Savings Bank Chiefs, Upper mayors and country councils the way to the meeting showed, does not quite fit the seriousness of the situation. The Bavarian insurance chamber, where the crisis meeting held on Landesbank, said the visitors a warm welcome and promised, "We care for your future than about 's our own." Beautifully about "s may be some savings bank managers and supervisors have thought, but The worry is not reduced. Bavarian savings bank President Siegfried Naser informed about the disaster of Landesbank, whose acute capital needs, amounting to ten billion euros, and as the date by the Free State and municipal credit institutions operated jointly BayernLB to be rescued. What Naser short notice at the meeting was informed, should have been bitter. According to meeting participants prepared the President of the Association savings that would suggest they are in the worst case, 1.4 billion euros could lose. How much money have the communal institutions as share capital in the Landesbank stuck. The same amount comes from the Free State added, which gives a total of 2.8 billion. What this capital stock was still worth, is now with an opinion clarified. Between zero and two billion are the result could be loud Naser meeting participants have said. Converted to the savings that would mean: Of the 1.4 billion euro deposits would remain perhaps one billion euros left. Maybe absolutely nothing. The Savings Banks Association objected to the request of the SZ this portrayal of meeting participants. It should not have been notified that the enterprise value of BayernLB, in the worst case "zero results" (and thus the deposits of savings would be gone). It was only at various "examples" for the depreciation needs have been mentioned, including an example with zero euros. Naser had explicitly stated that we still expect a certain value, you currently can not appoint, as this still would be examined, said the association. Concerned local politicians believe the test results are already familiar with. That the savings from their deposits with the Bavarian something zurückbekämen, was not expected. He then partly million higher amounts depreciate. This will cause many banks either temporarily or loss made on their reserves should fall back. Only once had many savings executives and local politicians but, as she said, "relieved" about the government agreed solution. For the rescue of Landesbank, the savings to pay nothing in return distinguish it from the largely from BayernLB. A better solution know they are not, said Mayor Schweinfurt Gudrun Grieser.