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Slovenia's 'bad bank' raises 1.1 bln euro from asset recovery ahead of deadline

Slovenia's 'bad bank' raises 1.1 bln euro from asset recovery ahead of deadline Ministry of Economy/All rights reserved.

LJUBLJANA (Slovenia), June 19 (SeeNews) – Slovenia's 'bad bank' DUBT said it recovered by the end of May, ahead of schedule, 1.1 billion euro ($1.2 billion) in assets transferred to it from Slovenian banks of systemic importance, equivalent to over half of the total portfolio of assets.

In just three and a half years from the first transfers, DUTB generated a cash inflow of over a billion euro, ahead of its 2019 deadline, the 'bad bank' said in a statement issued late on Friday.

DUTB also already surpassed the annual statutory target of 200 million euro, collecting 227 million euro by the end of May. 

This year’s largest transactions comprise the sale of claims in companies DZS, Sava Turizem, Vizija holding, Vizija holding 1, Grep, Sava TMC, Imparo and others. DUTB has also invested a great deal of energy into accelerating real estate sales.

The 'bad bank' has thus successfully halved its cumulative debt, which previously stood at 2 billion euro, while at the same time posting a 4.5 million euro profit in first quarter of 2017.

As of May 31, DUTB’s portfolio includes over 2,000 claims, real estate assets and equity shares, with a total estimated value of more than 1.05 billion euro.

DUTB was established in March 2013 as a government-owned company with the aim of facilitating the restructuring of local banks facing severe solvency and liquidity problems.

($=0.894 euro)

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