MUNICH--(BUSINESS WIRE)--Pursuant to a Management Board resolution taken on 6 March 2015, Deutsche Pfandbriefbank AG (pbb) has provisioned its receivables portfolio against Heta Asset Resolution AG (Heta), which has a nominal amount of EUR 395 million. The Bank's decision was taken in response to recent moves by the Austrian financial markets supervisory authority (FMA), and the Austrian federal government. On 1 March 2015, FMA issued a notice by which FMA deferred the maturity of debt securities (including coupon payments) issued by Heta until 31 May 2016. Heta is a wind-down entity owned by the Republic of Austria. pbb's receivables against Heta are covered by a letter of indemnity issued by the Austrian federal state of Carinthia.
The provision has burdened income by EUR 120 million. Preliminary pre-tax profit for 2014 - a financial year characterised by strong new business and a marked improvement in operating profitability - would have amounted to EUR 174 million. Due to the extraordinary burden, pre-tax profit (in accordance with IFRS) for 2014 is expected to decline to approximately EUR 54 million.
|Company:||Deutsche Pfandbriefbank AG|
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|Phone:||+49 (0) 89 2880 28 201|
|Fax:||+49 (0) 89 2880 22 28 201|
DE0008053331, Eine vollständige Übersicht der Eigenemissionen der Deutsche, Pfandbriefbank AG (ISIN, Börse, Segment) finden Sie unter, http://www.pfandbriefbank.com/investor-relations/pflichtveroeffentlichungen/ad-hoc-mitteilungen.html
805333, Eine vollständige Übersicht der Eigenemissionen der Deutsche, Pfandbriefbank AG (ISIN, Börse, Segment) finden Sie unter, http://www.pfandbriefbank.com/investor-relations/pflichtveroeffentlichungen/ad-hoc-mitteilungen.html
|Listed:||Regulated Market in Frankfurt (Corporate Bonds), Munich, Stuttgart; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover; London, Mailand, Paris, Luxemburg, SIX|