Do GTB depositors have legal remedies in order to access their frozen assets?
One can resort to legal recourse, but one is not too sanguine about its chances of success. Depositors have to bear up to the time it takes to amalgamate the two units. Why should GTB depositors, who were chasing higher rates, get the same deposit insurance as conservative depositors in other banks? Insurance is about cross-subsidies. Be it an accident cover or deposit insurance, millions are covered, but the insurance is invoked only if there is a casualty. Have GTB shareholders been shortchanged? No. The bank was making losses since 2001. The bank’s net owned funds are negative, which implies that the shares had no value (even if they were being traded). Obviously, there would have been no share swap. So, shareholders as a group have not been shortchanged.
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