Compensation for bankruptcy of Amsterdam Trade Bank
Amsterdam Trade Bank (ATB) is bankrupt. Fortunately, the bank“s thousands of German depositors are also covered up to 100,000 euros under the Netherlands“ deposit guarantee scheme.
The sanctions imposed on Russian banks in response to the war in Ukraine are also affecting their European subsidiaries, notably Sberbank and now Amsterdam Trade Bank, also known in Germany as FIBR. We at the commercial law firm MTR Rechtsanwälte can report that ATB is in fact a subsidiary of Russia“s Alfa Bank.
The latter has been on the receiving end of the sanctions against Russia. These appear to have had an impact on Amsterdam Trade Bank as well, with the Dutch business and financial newspaper Financieele Dagblad reporting a growing loss of confidence among customers. On April 22, 2022, the Amsterdam District Court finally declared ATB bankrupt.
The Dutch central bank (DNB) subsequently activated the country“s deposit guarantee scheme for customers of the bank. The scheme covers deposits up to 100,000 euros, including those of customers based in Germany, and even up to 500,000 euros in the case of deposits held temporarily for the purchase or sale of residential property. This additional protection is tied to the value of the purchase agreement and is in place for three months.
According to the DNB, around 23,000 private customers have an account with ATB, of whom roughly 6,000 are resident in Germany. In total, approximately 700 million euros are secured by the deposit guarantee scheme. In addition to this, the investor compensation scheme was also activated, with this covering up to 20,000 euros per person, subject to certain conditions.
Besides private customers, the bank also had business clients, some of whom were operating in the SME financing space. Most companies are also protected under the Netherlands“ deposit guarantee scheme up to an amount of 100,000 euros, though there may be differences depending on the legal form of the company. Some companies and institutions such as financial institutions, investment institutions, pension and retirement funds are not protected.
Anyone who is experiencing difficulties when it comes to pay-outs or who has claims that exceed the protected amount of 100,000 euros can turn to lawyers with experience in the field of banking law for advice.
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MTR lawyers www.mtrlegal.com/en/ is an international full service law firm. The lawyers counsel on corporate and commercial law, business law, tax law, IT law and IP law and distribution law. The law firm advises international companies, corporations, mid-sized businesses and private clients worldwide. MTR Rechtsanwaelte can be found in Berlin Bonn Cologne Duesseldorf Frankfurt Hamburg Munich Stuttgart, Germany
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