News

EAA successfully continues with portfolio reduction
04/19/2021

EAA successfully continues with portfolio reduction

The EAA closed the 2020 financial year with a lower net loss of EUR 1.9 million after tax compared to EUR 2.7 million in the previous year. A slightly negative result in the current winding-up phase has been taken into account in the original wind-up planning and is no indication of changed conditions or risks.

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European Central Bank approves return of full banking licence
03/17/2021

European Central Bank approves return of full banking licence

The EAA subsidiary Covered Bond Bank Plc (since 15 March 2021 Erste EAA Ireland Plc) was notified by the European Central Bank on 11 March 2021 that its full banking licence and its licence as a so-called designated credit institution – comparable to a Pfandbrief banking licence – would be revoked effective 12 March 2021 in accordance with its application. “This is an important milestone for the wind-up of the company,” says Christian Doppstadt, the EAA Board member responsible.

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Interim report as at 30 September 2020
12/09/2020

Interim report as at 30 September 2020

The EAA concluded the third quarter of 2020 with a loss, too. As reported, shortfalls in this phase of the winding-up process are in line with expectations. The EAA still has a sufficient risk buffer. Equity and risk provisions add up to around EUR 1 billion, in addition to an equity capital drawing limit of around EUR 0.5 billion. The ratio of the risk buffer and the notional volume of the banking book portfolio is stable at the previous year’s level.

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