EAA Interim Report 2012

EAA reports risk positions totalling EUR 32 billion wound down within the past two and a half years

  • Positive result in H1 2012
  • Preparations for takeover of another portfolio are proceeding as planned
  • Integrated strategy for winding down the new overall portfolio totalling approximately EUR 150 billion

Positive result in H1 2012

Preparations for takeover of another port- folio are proceeding as planned

Düsseldorf, September 3, 2012. - As of the end of the first half of 2012, Erste Abwicklungsanstalt (EAA) reduced the portfolio transferred to it by almost 42 percent. EAA thus reduced the risk positions taken over from the former WestLB AG from EUR 77.5 billion to EUR 45.3 billion in exchange rate-adjusted terms. This represents a reduction by a good EUR 32 billion within about two-and-half years.

Düsseldorf, September 3, 2012. - As of the end of the first half of 2012, Erste Abwicklungsanstalt (EAA) reduced the portfolio transferred to it by almost 42 percent. EAA thus reduced the risk positions taken over from the former WestLB AG from EUR 77.5 billion to EUR 45.3 billion in exchange rate-adjusted terms. This represents a reduction by a good EUR 32 billion within about two-and-half years.

“In view of the results achieved to date, we are confident that we will soon reach our first interim target to reduce the portfolio by half,” said Board member Matthias Wargers. At the time of taking office, the EAA Managing Board envisaged a 50 percent reduction of the portfolio by 2014.

At the end of the first six months of 2012, EAA posted a positive result of about EUR 10 million. The successful wind-down made it possible to reduce the risk provisions by a good EUR 41 million. At just under EUR 45 million, net interest income was below the prior year level. “The net lower interest income is attributable to increased interest ex- penses, which relate to the preparations for the takeover of another portfolio,” said Managing Board member Markus Bolder. As announced, EAA has been building up a liquidity buffer since 2011 to prepare the takeover of a second portfolio from WestLB, which has been renamed Portigon AG in the meantime.