Banks - Supervisory Board of Volksbank in Southern Thuringia resigns
The entire Supervisory Board of Volksbank Bad Salzungen Schmalkalden, which recently hit the headlines again due to high losses, has resigned. This was announced by the bank on Tuesday evening. Previously, the Federal Financial Supervisory Authority (Bafin) had already appointed Christian Gervais as a special representative with managerial authority for the bank in southern Thuringia on December 1. Now it is to receive another special representative who will temporarily assume the role of the Supervisory Board, as the bank had announced.
Preliminary figures: loss of around five million euros
The bank's lawyer had already stated in November that the financial institution would probably need support from the German cooperative banks' guarantee fund. According to preliminary data, the Volksbank made a loss of around five million euros last year, mainly due to the need for value adjustments on real estate and investments. Customer deposits are protected, the bank emphasized.
The "footballer" bank
The Volksbank in the south of Thuringia is sometimes referred to as the "Effenberg Bank" because the former professional footballer Stefan Effenberg worked for it at times in an advisory capacity when it came to loans to soccer clubs. Headquartered in Bad Salzungen, Volksbank claims to have around 250 employees and just under 51,000 customers with total assets of around 1.5 billion euros.
The protection funds of banks in Germany serve to ensure that banks in financial difficulties receive help to avoid becoming insolvent.
Statutes of the bank
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Source: www.stern.de
