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.

FMS-WM and Austria’s BAWAG Group closed the sale of Ireland’s DEPFA BANK plc on 19 November 2021. The purchase agreement was signed by both parties back in February 2021.