Since October 2010, FMS-WM has reduced the portfolio taken over from the HRE Group with a nominal value of EUR 175.7 billion to EUR 61.6 billion as at the end of 2020.

The nominal value of FMS-WM’s portfolio declined by a total of EUR 7.7 billion in 2020. EUR 2.5 billion of this is attributable to currency effects, in particular the US dollar and pound sterling being weaker year-on-year.

FMS-WM was thus able to achieve its wind-up target for fiscal year 2020 despite the difficult market environment. Adjusted for the assets originally acquired from DEPFA Group companies in fiscal years 2016 to 2020 with a total nominal value of EUR 11.8 billion, the portfolio has been reduced by around 70%.

Since the portfolio was taken over, the number of countries in which FMS-WM still holds exposures has been reduced from 66 to 38 countries. There are still clear concentrations in the United Kingdom, Italy and the USA, which together accounted for around 72% of the nominal value of the portfolio as at 31 December 2020.

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The Commercial Real Estate (CRE) segment, which at the time of the transfer comprised 3,512 individual exposures and thus made up almost half of all acquired positions in the overall portfolio, has been reduced at the fastest pace since FMS-WM was established, helped in part by the positive market environment and the short remaining maturities of the loans.

In the Commercial Real Estate segment, there were still five loans with a nominal value of EUR 0.3 billion as at 31 December 2020.

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The Infrastructure segment still makes up around 14% of the remaining portfolio at the end of 2020.

At the end of 2020, the portfolio still contained 244 individual exposures (prior-year end: 246 exposures). Since the portfolio was taken over, the nominal value of the Infrastructure portfolio of EUR 18.0 billion has been reduced by 51%.

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The Public Sector portfolio was to EUR 32.2 billion at yearend 2020.

The borrowers and issuers of securities are state and regional governments, municipalities, public law entities and semi-public companies. Receivables from European Union member states account for the majority of the portfolio, with a large percentage of this comprising exposures with very long remaining maturities.

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At the end of 2020, one-third of the overall portfolio was invested in the Structured Products segment.

Among others, this segment includes structured credit instruments such as asset-backed securities (ABS), commercial or residential mortgage-backed securities (CMBS or RMBS) or collateralised debt obligations (CDO). About a third of the structured securities in FMS-WM’s portfolio are based on government-guaranteed student loans in the USA.

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Information on DEPFA Bank plc is available on the website


When examining the possibility of acquiring the DEPFA Group, FMS-WM had already identified value levers that would result in a more favourable outlook for the wind-up of the DEPFA Group. These consisted of:

  • cutting costs
  • systematically leveraging the funding advantages
  • buying back the liabilities issued by the DEPFA Group

By the end of 2020, FMS-WM was able to use all of the value levers identified for winding up the DEPFA Group acquired in 2014 in a way that maximises value.

The result achieved confirmed that the wind-up of the DEPFA Group by FMS-WM was the favourable option compared with the privatisation that was not carried out in 2014.