Interim Report as of 30 June 2011 of Erste Abwicklungsanstalt
Risk portfolio down by more than a quarter
- Reduction reached some seven billion euros in the first half of 2011 and exceeded the budget
- Portfolio is thus reduced by a total of 21 billion euros to now around 56 billion euros
- Operating profit in the first half of 2011 continued to stabilize
Erste Abwicklungsanstalt (EAA) has managed to reduce its initially transferred portfolio by 22 percent in the first year of operational activity (excluding foreign exchange effects): Düsseldorf 11th August 2011. The in Düsseldorf domiciled Erste Abwicklungsanstalt (EAA) has managed to reduce its portfolio nominally by about 6.7 billion euros during the first half of 2011. In July further nominal reductions amounting to 430 million euros were able to be achieved to a total of 7.2 billion euros. “We have clearly exceeded our objectives for the first half of 2011. As the trend shows in July, we can keep the high pace of portfolio reduction”, said Markus Bolder, member of EAA’s managing board, on presentation of the halfyear report of the public law agency.
After almost one and a half years of operational activity EAA has succeeded to reduce the portfolio originally transferred from WestLB by 21 billion euros. More than a quarter of the originally transferred portfolio of 77.5 billion € has been wound up. At constant exchange rates (31/12/2009) the nominal volume amounted to 56.5 billion euros in late July.