They told retail customers the product was totally safe
They told retail customers the product was totally safe, it was meant to keep their savings with no risks and with a higher revenue in interests (it was an all-win situation and the bank was doing this because they had been good loyal customers).
When the EU legislates that money coming from this financial products would not be counted as company’s liquid assets, all this sand castle falls apart. Old people find out they are not getting interests anymore for their deposits and when they try to recover the money they find out that the contracts (some of them 130 pagers long) states that if the bank does not have any benefits they are not forced to pay interests on those deposits plus that money remains in the bank as an asset for eternity. Around 300,000 people affected and 30,000 milion euros are the numbers surrounding the scandal.