Gontard & Metallbank, the Frankfurt-based private bank closed by German regulator Bundesanstalt für Finanzdienstleistungsaufsicht (BAFin) last week, has indicated the level of its indebtedness and stands in judgement of the regulator, a step closer to insolvency.

BAFin, the super-regulator that combines the German insurance, banking and securities industries regulators, shut the tradition-rich bank to its customers as details of its lack of capital emerged.