Erste bank sold a part of its written-off claims to Czech APS Fund

Erste bank sold a part of its written off claims to Czech APS fund. Claims of 85 firms with total of EUR 23,5 m were sold to Czech fund.

Sold non-payable loans were launched in the past 30 years and a good portion of it is from portfolio of Novosadska banka. Companies from this package have mainly been liquidated, in bankruptcy or in liquidation process and one fifth of them are active companies which have been under different kinds of blockades. These companies have been operating in retail, transport, agriculture and real estate.

Erste bank, carried out write-off in 2014 for all these claims and their sale to APS fund is extraordinary income for the bank.