KBC Group : KBC collapses last two CDOs in portfolio
(Thomson Reuters ONE) -
KBC Press release
Outside trading hours - Regulated information*
Brussels, 1 October 2014
KBC collapses last two CDOs in portfolio
On 16 and 25 September 2014, KBC collapsed the two remaining CDOs in its
portfolio. These collapses will free up 0.3 billion euros in capital and
increase KBC's solvency by 0.4%. They will also have a negative impact of
slightly above 20 million euros on KBC's third-quarter income statement.
Collapsing these CDOs also releases KBC from the Portfolio Protection Agreement
entered into with the Belgian Federal Government and completely eliminates the
group's exposure to MBIA.
Standing at more than 25 billion euros in 2008, KBC has fully scaled down its
CDO portfolio in the space of five years.
For the record, KBC wishes to point out that it is the counterparty to and
issuer of a further 0.3 billion euros' worth of CDO notes held by investors that
will remain outstanding until year-end 2017. Consequently, negligible movements
may yet be recorded in KBC's income statement in the coming quarters based on
changes in the value of these notes (due primarily to credit spreads on the
underlying portfolio).
* This news item contains information that is subject to the transparency
regulations for listed companies.
KBC Group NV Havenlaan 2 - 1080 Brussels
KBC press releases are available at www.kbc.com or can be obtained by sending an
e-mail to pressofficekbc(at)kbc.be
Viviane Huybrecht, General Manager,
Corporate Communication / Spokesperson
Tel. + 32 2 429 85 45
E-mail: pressofficekbc(at)kbc.be
Press Release KBC Group dd 01-10-2014:
http://hugin.info/133947/R/1859882/651789.pdf
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Source: KBC Groep via GlobeNewswire
[HUG#1859882]
Unternehmensinformation / Kurzprofil:
Datum: 01.10.2014 - 08:05 Uhr
Sprache: Deutsch
News-ID 341874
Anzahl Zeichen: 2576
contact information:
Town:
Brussels
Kategorie:
Business News
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