136 million euros given away – Athens forgets the FMS loan

mic – Winning the lottery is a great thing. However, the sums advertised are hardly worth mentioning compared to the special profit that FMS Wertmanagement received last year. The Greek state probably accidentally gave the federally owned institution 136 million euros, as can be calculated from the FMS annual report. Board spokesman Christian Bluhm confirmed the size of the sum on the sidelines of the annual press conference. What happened? Last year, Athens sent extensive lists to creditors for voluntary debt haircuts. When the Munich-based company looked through the positions of the bonds and loans that were intended for an exchange, it became clear to them: A loan worth 177 million euros was missing, which had been indirectly given to the Greek state by the FMS predecessor institution Hypo Real Estate. The highlight: The institution had long since written it off to the required level of 23.2% of the original value. The FMS must have been counting the days until the due date. Oh wonder: the full amount of money actually ended up in the account in December. This resulted in a special profit of 136 million euros, which can be found in the 2012 figures as a release of risk provisions. Greece cost the FMS billions, so there is no reason to celebrate. Nevertheless, you don’t get 136 million euros for free every day.