DGAP-Adhoc

Deutsche Pfandbriefbank AG: Deutsche Pfandbriefbank AG provisions for Heta debt securities covered by a letter of indemnity issued by the Austrian federal state of Carinthia in the 2014 financial statements, taking a charge against income of EUR 120 mill

Deutsche Pfandbriefbank AG / Key word(s): Final Results

06.03.2015 20:13

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Deutsche Pfandbriefbank AG provisions for Heta debt securities covered by a
letter of indemnity issued by the Austrian federal state of Carinthia in
the 2014 financial statements, taking a charge against income of EUR 120
million

Munich, 6 March 2015 - Pursuant to a Management Board resolution taken on 6
March 2015, Deutsche Pfandbriefbank AG (pbb) has provisioned its
receivables portfolio against Heta Asset Resolution AG (Heta), which has a
nominal amount of EUR 395 million. The Bank's decision was taken in
response to recent moves by the Austrian financial markets supervisory
authority (FMA), and the Austrian federal government. On 1 March 2015, FMA
issued a notice by which FMA deferred the maturity of debt securities
(including coupon payments) issued by Heta until 31 May 2016. Heta is a
wind-down entity owned by the Republic of Austria. pbb's receivables
against Heta are covered by a letter of indemnity issued by the Austrian
federal state of Carinthia.

The provision has burdened income by EUR 120 million. Preliminary pre-tax
profit for 2014 - a financial year characterised by strong new business and
a marked improvement in operating profitability - would have amounted to
EUR 174 million. Due to the extraordinary burden, pre-tax profit (in
accordance with IFRS) for 2014 is expected to decline to approximately EUR
54 million.



Contact:
Reiner Barthuber [phone]


06.03.2015 The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de

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Language: English
Company: Deutsche Pfandbriefbank AG
Freisinger Strasse 5
85716 Unterschleissheim
Germany
Phone: [phone]
Fax: [phone] 201
E-mail: [e-mail]
Internet: http://www.pfandbriefbank.com
ISIN: DE0008053331, Eine vollständige Übersicht der Eigenemissionen
der Deutsche, Pfandbriefbank AG (ISIN, Börse, Segment) finden
Sie unter,
http://www.pfandbriefbank.com/investor-relations/pflichtvero
effentlichungen/ad-hoc-mitteilungen.html
WKN: 805333, Eine vollständige Übersicht der Eigenemissionen der Deutsche, Pfandbriefbank AG (ISIN, Börse, Segment) finden Sie unter, http://www.pfandbriefbank.com/investor-relations/pflichtveroeffentlichungen/ad-hoc-mitteilungen.html
Listed: Regulated Market in Frankfurt (Corporate Bonds), Munich,
Stuttgart; Regulated Unofficial Market in Berlin, Dusseldorf,
Hamburg, Hanover; London, Mailand, Paris, Luxemburg, SIX

End of Announcement DGAP News-Service

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