On 12 February 2016, the German Financial Supervisory Authority
(Bundesanstalt für Finanzdienstleistungsaufsicht, or
BaFin) declared Maple Bank GmbH
("Maple") as an indemnification case,
meaning that the German deposit insurance institutions can
compensate the bank's creditors.
BaFin had previously filed an insolvency petition against Maple,
and the insolvency court in Frankfurt am Main opened insolvency
proceedings on 11 February 2016. It appointed an insolvency
administrator who is now responsible for managing Maple's
affairs.
Maple is a member of the German Deposit Protection Fund of the
Association of German Banks ("fund").
The fund safeguards the deposits of customers of private commercial
banks, up to a maximum of 20 per cent of the liable capital of the
bank at the date of the last published annual financial statements.
According to the BaFin announcement, the guaranteed amount in this
case would be €59,834,000 per Maple customer.
