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FMS Wertmanagement with positive half-year results 2024 and change in the Board of Directors

Munich, 12 September 2024

Positive half-year results and portfolio wind-up in line with plan

FMS Wertmanagement (FMS-WM), the German federal government’s winding-up institution, generated a result from operating activities of EUR 66 million in the first six months of 2024 (H1 2023: EUR 49 million).

The nominal volume of the portfolio was reduced by EUR 2.6 billion since the beginning of the year. Taking into account foreign currency effects that increased the portfolio by EUR 0.6 billion, the portfolio’s nominal volume came to EUR 42.4 billion as at 30 June 2024.

"In the first half of the 2024 financial year, FMS-WM once again achieved significant wind-up successes in all segments. Reducing risks and complexity in the portfolio are prerequisites for further reducing the expenses of managing the portfolio and expanding the scope of options for managing the portfolio," said Christoph Müller, Spokesman of the Executive Board.

Net interest income in the first half of 2024 continued to increase to EUR 283 million (H1 2023: EUR 245 million). This increase is mainly attributable to the higher level of interest seen in all currencies relevant to FMS-WM compared to the same period of the previous year and the improved funding conditions. "FMS Wertmanagement continues to utilise the funding options via the Financial Market Stabilisation Fund. This made a significant contribution to the very good net interest income in the first half of 2024,” explained Carola Falkner, the Executive Board member in charge of Treasury & Asset Management. As in the previous year, the balance of risk provisions and net income from financial investments, which are characterised by valuation and wind-down measures, had a negative impact on earnings of EUR -172 million (first half of 2023: EUR -139 million). The positive business performance allowed for a further increase in general risk provisions for the remaining portfolio.

General and administrative expenses in the first half of 2024 were reduced to EUR 47 million (H1 2022: EUR 51 million) Subject to further geopolitical developments, particularly those associated with the conflicts in Ukraine and the Middle East and their effects as well as other unforeseen events, FMS-WM anticipates at least a breakeven result from ordinary activities for fiscal year 2024.

FMS-WM announces change in the Board of Directors

Birgit Dietl-Benzin will step down as a member and Deputy Chairwoman of the Audit Committee of the Supervisory Board of FMS-WM at her own request on 30 September 2024 when her term of office expires.

‘The Supervisory Board and the Executive Board would like to thank Mrs Dietl-Benzin most sincerely for her many years of commendable commitment to FMS Wertmanagement. As Deputy Chairwoman of the Audit Committee, Mrs Dietl-Benzin has made a decisive contribution to the work of the Supervisory Board in recent years with her experience and very high level of expertise. We wish her all the best for the future,’ says Dr Michael Kemmer, Chairman of the Supervisory Board of FMS-WM.

Eva Grunwald will join the Supervisory Board of FMS-WM on 1 October 2024. Mrs Grunwald holds a degree in business administration and has been a member of the Executive Board of the Bundesrepublik Deutschland - Finanzagentur GmbH, which is responsible for the debt management of the federal government and oversees the measures of the Financial Market Stabilisation Fund FMS and the Economic Stabilisation Fund WSF, since April 2023. From 1998 to March 2023, she held various positions in the areas of risk controlling, construction financing, loan restructuring and settlement at Deutsche Bank AG, Postbank and BHW Bausparkasse. Since 2018, she has been Managing Director of Product Management Real Estate at Deutsche Bank AG and has also been a member of the Management Board of BHW Bausparkasse since October 2021.

‘We are looking forward to working with Mrs Grunwald, whose expertise is an ideal addition to our Supervisory Board,’ said Dr Michael Kemmer.

FMS-WM was founded in 2010 with the aim of winding up the risk positions and operations that were transferred to the company from the Hypo Real Estate Group (HRE Group) effective 1 October 2010. FMS-WM is supervised by the Federal Agency for Financial Market Stabilisation. The Financial Market Stabilisation Fund is obligated without limitation to provide additional funds under Section 8a of the German Law Establishing a Financial Market and Economy Stabilisation Fund (Gesetz zur Errichtung eines Finanzmarkt- und Witschaftsstabilisierungsfonds - Stabilisierungsfondsgesetz) for losses incurred in winding up the portfolio.

If you have any questions, please do not hesitate to contact Frank Hessel, Press Spokesman, at +49 (0)89-9547627 647 or by email at This email address is being protected from spambots. You need JavaScript enabled to view it..