EAA Interim Report 30 June 2013
EAA reduces volume of its combined portfolio by almost one fifth between January and June
- Sharp drop in total assets
- Income statement closes with positive result
- Wind-up of loans and securities since the inception of EAAadds up to approx. EUR 73 billion
- Market value of the trading portfolio has declined by a good EUR 18 billion since the July 2012 takeover
Düsseldorf, August 15, 2013. Thanks to great progress made in winding up the portfolio, Erste Abwicklungsanstalt (EAA) significantly reduced its total assets as of June 30, 2013, when they stood at EUR 94.8 billion, compared to EUR 123.3 billion on December 31, 2012. The individual financial statements of Abwicklungsanstalt comprise the assets that were directly transferred to EAA. T aking into account all exposures, including those held indirectly through subsidiaries, the combined portfolio amounted to approx. EUR 116 billion as of June 30, 2013. This includes the banking portfolio, which primarily consists of loans and securities, as well as the derivatives in the trading portfolio, which amounted to approx. EUR 143 billion at the beginning of the year and had been reduced by almost one fifth by the end of June.
“The wind-up of the portfolio proceeded faster than expected in the first half of the year,” said Board Spokesperson Matthias Wargers. Between January and June 2013, EAA wound up loans and securities with a nominal value of approx. EUR 12 billion. Since its inception, the amount of these banking portfolio positions has been reduced by a total of approx. EUR 73 billion. As of June 30, 2013, the remaining loans and securities had a nominal value of a good EUR 82 billion.
The trading portfolio had a market value of approx. EUR 34 billion as of the reporting date. This represents a decline by EUR 15 billion compared to December 31, 2012 and a reduction by a good EUR 18 billion since the takeover on July 1, 2012. The derivative financial products in the trading portfolio currently have a nominal value of EUR 727 billion, compared to EUR 885 billion at the beginning of the year and to EUR 1,064 billion at the takeover on July 1, 2012. This means that the wind-up result to date adds up to a nominal amount of EUR 337 billion.