The Executive Board of FMS Wertmanagement today indicated in coordination with the company's Supervisory Board that it was willing to participate in the Greek bond swap. The winding-up institution owned by the German government currently holds a total of EUR 8.76 billion in Greek bonds and loans. Of the 30 individual positions, 13 bonds having maturities prior to 2020 qualify for the Greek government's offer to swap existing bonds for issues with longer maturities. These 13 bonds have a total nominal volume of EUR 975 million.
"We expect this measure to stabilise the situation and thus want to make a contribution of course", says Christian Bluhm, Chief Risk Officer on the Executive Board of FMS Wertmanagement, "especially because this will substantially improve the prospects that the remaining Greek bonds in our portfolio will be repaid".
In October 2010, FMS Wertmanagement had taken on the risk positions and non-strategic operations of the nationalised HRE Group in order to unwind them in ways aimed at minimising losses.
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