While there has been little overall progress on the liquidation of the Greensill funds, Credit Suisse was at least able to make another insurance claim.
Credit Suisse has filed another insurance claim as part of the liquidation process of the Greensill funds, rising to 16 through the end of May, according to the latest investor update from the bank.
That brings the total amount of claims filed by Credit Suisse Asset Management (CSAM) to an estimated $2.1 billion. CSAM continues to prepare additional claims via the Greensill Bank and «expects to complete the claims filing process in the coming weeks for remaining exposures in respect of which it will be pursuing insurance claims,» it said in updated language from the previous report.
No Change in Repayments
To date, the amount repaid to investors remained unchanged at $6.75 billion. Credit Suisse has so far liquidated $7.3 billion of fund assets to date. At the time of the emergency closure of the supply chain finance funds (SCFFs) in March 2021, fund assets totaled about $10 billion, of which about 1,000 clients had invested in the vehicles.
That amount repaid to investors remained unchanged comes as no great surprise. In April Credit Suisse said it might not be able to make up Greensill losses for at least another five years.
In December of last year, Credit Suisse returned around $400 million to investors in blocked supply chain finds.
