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 69.0 billion as at the end of 2018. The remaining portfolio of EUR 69.0 billion contains the exposures of EUR 5.8 billion acquired in the context of the DEPFA Group’s accelerated wind-up strategy. Without these, the remaining portfolio would have fallen to around EUR 63,2 billion as at the end of 2018.

Development of the Portfolio

Since the fourth quarter of 2016, FMS-WM has sold DEPFA Group debt instruments (DEPFA liabilities) purchased on the market to the DEPFA Group. In return, exposures with a nominal value of EUR 5.3 billion (2016) and EUR 1.9 billion (2017) have been purchased from the DEPFA Group. In 2018, FMS-WM acquired further assets with a nominal volume of EUR 0.5 billion, which the DEPFA Group used to finance the repurchase of the hybrid capital bond. A total of 328 exposures were transferred from the DEPFA Group to FMS-WM in the course of these three transactions.

The number of counterparties in FMS-WM’s portfolio fell by 9.3% in 2018 to 830. Originally, there were 3,191 counterparties in the portfolio. The number of remaining exposures has dropped by over 76% since 1 October 2010 to 1,693.

Portfolio


The individual exposures are located in 45 countries, with significant concentrations in Italy, the United Kingdom and the USA. The share of the overall portfolio attributable to these three countries showed a further increase to around 74% of the portfolio as a whole.

 

Gesamtportfolio