MUNICH--(BUSINESS WIRE)--With ad-hoc-announcement dated March 6th, 2015, Deutsche Pfandbriefbank AG (pbb) already informed on provisions in the amount of EUR 120 million, effective for the financial year 2014, made for its receivables against the wind-down entity Heta Asset Resolution AG (Heta), which are deficiency guaranteed by the Austrian federal state of Carinthia.
Pursuant to a Management Board resolution taken on 15th April 2015, pbb has now, as a precaution, made further provisions of EUR 79 million in the Q1 2015 results for its mentioned receivables against Heta. Together with the provisions of EUR 120 million made in the 2014 full year results, the provisioning was therefore increased to a total of 50 percent of the notional value of the receivables against Heta. This increase was made following recommendations made by the Financial Regulators.
Link to the ad-hoc-announcement dated March 6th, 2015:
http://www.dgap.de/dgap/News/adhoc/deutsche-pfandbriefbank-deutsche-pfandb riefbank-provisions-for-heta-debt-securities-covered-letter-indemnity-issued-the-austrian-federal-state-carinthia-the-financial-statements-taking-ch arge-against-income-eur-million/?companyID=1079&newsID=849237