FMS value management

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FMS value management

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legal form Institute of public right
founding 2010
Seat Munich , Germany
management
Branch Finance and banking
Website FMS Wertmanagement website

The FMS Wertmanagement ( FMS-WM ) in Munich is a German bad bank . It was founded on July 8, 2010. Its purpose as a winding-up agency is to free the Hypo Real Estate Group (HRE) , which got into an existence-threatening situation during the financial crisis and then nationalized, of risk positions and business areas that are not necessary for strategy and thus to stabilize the HRE Group. FMS Wertmanagement is an organizationally and economically independent, partially legal public-law institution within the Federal Agency for Financial Market Stabilization ( FMSA ).

FMS value management

On October 1, 2010, FMS Wertmanagement took over a portfolio with a nominal value of EUR 175.7 billion from Hypo Real Estate Holding AG and its direct and indirect subsidiaries and special purpose entities in Germany and abroad . FMS Wertmanagement is tasked with handling this portfolio in a value-maximizing way. The initial wind-up plan drawn up by HRE was designed for a period of ten years. The part of the portfolio that was not settled in this period should be sold at the end of the term without affecting the book value. Since 2012, the FMS-WM has presented an updated processing plan every year, which takes into account the changed market conditions and the newly acquired knowledge. The extended time horizon allows the portfolio to be wound up without time pressure under economically advantageous market conditions and thus to minimize losses in the interests of the taxpayer.

FMS Wertmanagement is not a credit institution or financial services institution within the meaning of the German Banking Act. It does not have a banking license and is not subject to any regulatory capital or liquidity requirements in accordance with the Basel guidelines. However, it may conduct all types of banking transactions that serve to process the portfolio. Unlike banks, which report according to the IFRS standard, FMS Wertmanagement reports according to the provisions of the HGB . The FMSA and BaFin act as supervisory authorities . As the legal supervisor of FMS Wertmanagement, the FMSA is entitled to extensive information, control, auditing and instruction rights. It determines the composition of the Board of Directors, approves changes to the wind-up plan and is involved in strategically important decisions affecting the business activities of FMS Wertmanagement. FMS Wertmanagement regularly informs the supervisory authority about ongoing business activities and presents it with the annual financial statements, the management report and the audit report. According to the statutes of FMS Wertmanagement, SoFFin is responsible for losses that arise during the winding-up of the portfolio . Section 7 (1) of the statute states: “SoFFin is obliged to the liquidation agency and the FMSA until the liquidation agency is dissolved in accordance with § 16,…. to compensate for all losses. ”In fact, losses at FMS Wertmanagement put a strain on the federal budget. This resulted in costs of around EUR 13 billion for the state by 2014 (EUR 3.04 billion in 2010 and EUR 9.939 billion in 2011).

The portfolio

The portfolio of FMS Wertmanagement taken over by HRE comprises loans and securities as well as the associated derivative positions. It is characterized by long terms. In 59% of cases, credit risks will not expire until 2020 or much later. However, the resolution plan provided by HRE specified the year 2020 as the resolution horizon. According to the management, many of the syndicated financings taken on also involve difficult negotiating positions; Control and influence by FMS Wertmanagement are made more difficult. After the crisis, a significant number of credit instruments are of little value and can therefore be sold with difficulty or only at high discounts. And for some market segments, the margins no longer reflect the current risk profile of the underlying assets by far .

The portfolio of FMS-WM comprised loans and securities as well as the associated derivative positions and was divided into five segments:

  1. Public Sector : This segment mainly includes bonds from the states of the Eurozone , the member states of the European Union and the neighboring states of Eastern Europe. As of December 31, 2010, this included bonds from the state of Greece with a volume of EUR 7.4 billion. The Public Sector segment accounts for around 50 percent of the total portfolio.
  2. Structured Products : This segment comprises asset-backed securities (ABS) of various types, such as structured securities from the commercial and residential real estate sector, as well as structured bonds that are based on loan claims from the public sector or in which student loans are bundled. The Structured Products segment accounts for around 25 percent of the total portfolio.
  3. Commercial Real Estate : This segment consists primarily of non-performing financing products for commercial real estate. The Commercial Real Estate segment accounts for around 11 percent of the total portfolio.
  4. Infrastructure : This segment includes financing solutions for international infrastructure projects. The Infrastructure segment accounts for around 10 percent of the total portfolio.
  5. Workout : This segment combines performance-impaired, largely secured real estate exposures in Europe, Asia and the USA. The workout segment accounts for around 5 percent of the total portfolio.

From the portfolio acquired in 2010, a cumulative € 106.4 billion had been reduced by the end of 2019; the remaining portfolio of FMS-WM was nominally reduced from originally around 176 billion euros to 69.3 billion euros.

Greek government bond losses

Stock in the portfolio

According to a presentation at the balance sheet press conference on May 24, 2011, the nominal volume of the loans and bonds from Greece in the portfolio of FMS Wertmanagement was around EUR 9.1 billion as of December 31, 2010. At this point in time, these included Greek government bonds with a nominal volume of EUR 7.4 billion. Only around 32 percent of the receivables and bonds are due in the next ten years, another 32 percent of the portfolio has a term of more than 20 years. More than half of these cross-country skiers in particular are inflation-indexed. FMS Wertmanagement stated the economic risk from the Greek exposure at 10.8 billion euros.

Participation in the rescheduling

On September 2, 2011, the Management Board announced in a press release that FMS Wertmanagement was planning to participate in the exchange of Greek bonds. At the time, the bad bank had a total volume of bonds and loans with Greek debtors of EUR 8.76 billion. Of the 30 individual positions, 13 bonds with a maturity before 2020 qualified for the exchange for longer-dated paper offered by the Greek government. The total nominal volume of these 13 bonds was 975 million euros.

The annual report of FMS Wertmanagement for 2011 states on page 24: "When exchanging Greek bonds with the participation of the private sector (PSI) in the first quarter of 2012, FMS Wertmanagement acquired over 90% of the original portfolio of EUR 8, 91 billion, ie EUR 8.26 billion nominally. A further EUR 654 million nominal could be sold before the exchange with a cash value advantage of more than EUR 65 million compared to the exchange offer. After the exchange, FMS received Wertmanagement new Greece bonds with a nominal volume of EUR 2.6 billion and a further EUR 1.4 billion of EFSF bonds.The Greece portfolio, together with the corresponding derivative positions, had to be written down by EUR 8.9 billion at the end of the year become." SoFFin took over the resulting losses.

controversy

In its printed and online edition, the Frankfurter Allgemeine Zeitung (FAZ) made serious allegations against those responsible at FMS Wertmanagement and its supervisory authorities on September 12, 2014: According to their presentation, misconduct resulted in damage of € 2.56 billion. After the European Central Bank, Hypo Real Estate was the largest creditor in Greece with € 9 billion. The portfolio contained bonds for which foreign (not Greek) law was applicable. These could only have been rescheduled with the consent of a majority of the creditors. Other German credit institutions could have organized themselves in creditors' committees and avoided rescheduling. FMS Wertmanagement did not do this, but sold around 30% of the paper on the stock exchange. The acquirers, hedge funds , would have received 100% of the securities back later. In the case of other bonds, which were also not subject to Greek but to foreign law, the bank voluntarily participated in the haircut. The Financial Market Stabilization Fund (SoFFin) rejected the allegations: At the time of the decision, it was very questionable "to what extent Greece would have made repayments without the haircut". According to the FAZ, the loss or the public debate about it is the reason why Christopher Pleister will not extend his contract with SoFFin, which expires at the end of 2014.

In its edition of October 25, 2014, the weekly magazine Die Zeit reported on the allegations made in the Frankfurter Allgemeine Zeitung : “Papers that ZEIT had, as well as discussions with those involved and members of parliament paint a different picture, however Discussions about submitting more Greek bonds than absolutely necessary. ”And further:“ The fact that some of these investors are getting 100 percent of the few remaining bonds repaid today is not an argument for FMS Wertmanagement. In a paper it says: Keeping these bonds out of a vague hope of recovery was a very aggressive strategy at the time, 'which a hedge fund that is prepared to risk a total loss of its securities can, but not a liquidation agency under public law '. The argument goes that some investors were only able to gamble because others like the FMS made sure that the debt restructuring was successful and that the remaining bonds did not fall to zero. ”Participant in the secret meeting of the financial market committee at the end of September, which dealt with the allegations "think the allegations are ticked off," reports Die Zeit in this article.

On January 9, 2015, the Handelsblatt reported that the public prosecutor's investigations against the management board of FMS Wertmanagement had been discontinued because there were no indications of criminally relevant breaches of duty by the management board.

Annual reports and semi-annual reports

On May 24, 2011, the management of FMS Wertmanagement presented the balance sheet and the income statement for the short financial year from July 8 to December 31, 2010 at a press conference in Munich. The main results were: Through risk provisioning of 2.98 Billion euros resulted in a loss of 3.04 billion euros. The equity of two million euros was completely consumed by the loss and stood at zero. As a result, the SoFFin loss compensation of EUR 3.04 billion, which was capitalized in the balance sheet under “Other assets”, took effect. As of December 31, 2010, the balance sheet total was 358 billion euros. The administrative costs were EUR 129 million and were mainly driven by payments to the portfolio servicer Deutsche Pfandbriefbank pbb (according to the presentation by FMS Wertmanagement, this was EUR 100.5 million in the fourth quarter of 2010).

On October 18, 2011, FMS Wertmanagement announced the results for the first half of 2011 in a press release. The loss from normal business activities amounted to 690 million euros and was largely influenced by the write-downs on Greek bonds amounting to 808 million euros. Without the Greece effect, the bad bank would have achieved a positive result of 118 million euros. The portfolio shrank by 8.7 percent to 160.5 billion euros. The balance sheet total decreased by 9.4 percent to 301.8 billion euros.

On July 3, 2012, FMS Wertmanagement published its annual report for 2011. The result from normal business activities amounted to minus EUR 9.961 billion and was mainly influenced by risk provisions of EUR 10.254 billion, of which EUR 8.916 billion was accounted for by risk provisions related to the Greece portfolio. The interest result of 552 million euros and the commission result of 52 million euros were well above the administrative costs of 348 million euros.

According to the press release from FMS Wertmanagement on April 23, 2013, FMS Wertmanagement closed the 2012 financial year with a positive result of 37 million euros. The portfolio was reduced by 14.8% to EUR 137 billion, the balance sheet total was reduced by 27.9% year-on-year to EUR 246.4 billion.

On April 29, 2014, FMS Wertmanagement published the figures for the 2013 financial year. The result from normal business activities was EUR 146 million. The portfolio was reduced by 13.0 percent from 136.9 billion euros to 119.1 billion euros at the end of the year. Since the takeover, the federal winding-up agency has reduced a total of 56.6 billion euros or 32.2 percent of the original portfolio. The balance sheet total (assets) was reduced by 24% year-on-year to EUR 187.6 billion.

On September 11, 2014, FMS Wertmanagement published its business figures for the first half of 2014. The result from normal business activities was EUR 376 million, the nominal volume of the portfolio was reduced by 7.1 percent to EUR 110.7 billion, and the balance sheet total was reduced by 3.5 percent to 181.1 billion euros.

On April 21, 2015, FMS Wertmanagement published its figures for the 2014 financial year. The result from normal business activities was EUR 373 million. The portfolio decreased from EUR 119.1 billion to EUR 106.3 billion in the past financial year. Since the takeover, the federal winding-up agency has reduced a total of 69.4 billion euros or 39.5 percent of the original portfolio. The balance sheet total (assets) was reduced by 2.2% year-on-year to EUR 183.6 billion.

On September 9, 2015, FMS Wertmanagement published its business figures for the first half of 2015. The result from normal business activities was EUR 331 million, the nominal volume of the portfolio was reduced by 3.7 percent to EUR 102.4 billion, and the balance sheet total was reduced by 3.7 percent to 176.8 billion euros.

On April 12, 2016, FMS Wertmanagement published the figures for the 2015 financial year. The result from normal business activity was EUR 413 million. The portfolio decreased in the past financial year from 106.3 billion euros to 94.7 billion euros. Since the takeover, the federal winding-up agency has reduced a total of EUR 81.0 billion or 46.1% of the original portfolio. The balance sheet total (assets) was reduced by 6.8% year-on-year to EUR 171.1 billion.

On September 14, 2016, the FMS Wertmanagement published its financial results for the first half of 2016. The result from ordinary activities amounted to 200 million euros, the nominal value of the portfolio was reduced by 8.1 percent to 88.7 billion euros, the total assets increased to by 3.5 percent to 183 billion euros. According to FMS, the reason for the increase was the "[...] repurchase of DEPFA Pfandbriefe by FMS-WM as well as the increased cash collateral for derivatives due to the lower interest rate level".

On April 5, 2017, FMS Wertmanagement published the figures for the 2016 financial year. The result from normal business activities was EUR 391 million. Since the takeover, FMS-WM has reduced the portfolio from 175.7 billion euros by a total of 92.1 billion euros or 52.4 percent of the original nominal volume. Since assets of the DEPFA Group with a volume of EUR 5.2 billion were also taken over into the FMS-WM portfolio in November 2016, the nominal value of the managed portfolio decreased from EUR 94.7 billion at the end of 2015, taking this transaction into account, by 6 .1 percent to € 88.9 billion at the end of 2016.

On September 15, 2017, FMS Wertmanagement published its business figures for the first half of 2017. The result from normal business activity was EUR 298 million, the nominal volume of the portfolio was reduced by 8.0 percent to EUR 81.7 billion, and total assets were reduced to 165.9 billion euros (from 177.2 billion euros at the end of 2016).

On April 10, 2018, FMS Wertmanagement published its business figures for the 2017 financial year. According to this, a positive result from normal business activities of EUR 429 million was achieved in the 2017 financial year and the portfolio was reduced by EUR 14.0 billion. The cumulative run-down of the portfolio taken over from the HRE Group in 2010 exceeded the EUR 100 billion mark for the first time. The volume of the remaining wind-down portfolio, which was expanded in 2016 and 2017 to include assets acquired by the DEPFA Group with a nominal value of EUR 7.2 billion, was still EUR 76.8 billion at the end of 2017. The balance sheet total of FMS-WM decreased by around 11 percent to 157.3 billion euros in the 2017 financial year.

On April 9, 2019, FMS Wertmanagement published its business figures for the 2018 financial year. According to this, a positive result from normal business activities of EUR 114 million was achieved in the 2018 financial year. The portfolio was reduced by EUR 8.3 billion in the 2018 financial year (previous year: EUR 14.0 billion). The remaining portfolio at the end of 2018 in the amount of EUR 69.0 billion contains assets acquired from the DEPFA Group with a nominal volume of EUR 5.8 billion (originally EUR 7.7 billion). As of December 31, 2018, the total assets of FMS-WM were reduced by around 8 percent to 144.7 billion euros.

On April 21, 2019, FMS Wertmanagement published its business figures for the 2019 financial year. According to this, a positive result from normal business activities of EUR 253 million was achieved in the 2019 financial year. The portfolio was reduced by EUR 3.7 billion in the 2019 financial year (previous year: EUR 8.3 billion). The remaining portfolio of EUR 69.3 billion at the end of 2019 contains assets acquired by the DEPFA Group with a nominal volume of EUR 9.0 billion (originally EUR 11.7 billion). The total assets of FMS-WM increased to EUR 146.5 billion as of December 31, 2019.

Losses to the state

On August 3, 2011, the magazine “Stern” reported that the rescue of the nationalized Hypo Real Estate (HRE) would, according to the assessment of banking expert Dirk Schiereck, be much more expensive for taxpayers than known at the time. The professor from TU Darmstadt calculated a default risk of around 50 billion euros. Schiereck came up with the estimate of 50 billion euros on the basis of the confidential wind-up plan of FMS Wertmanagement from August 2010. According to the "Stern", the Federal Ministry of Finance originally assumed that the expected losses of FMS Wertmanagement with the provision amount of 3, 87 billion euros are covered.

On July 3, 2012, it was announced that the write-down on Greek bonds and risk provisions in 2011 resulted in a total loss of EUR 9.97 billion. Income from interest and commission business amounted to EUR 611 million. The losses are compensated by the SoFFin's loss compensation obligation, the loss compensation claim amounts to 9.939 billion euros.

Booking error

On October 28, 2011, the magazine "Stern" reported that due to accounting errors, the bank's debts were too high by 55.5 billion euros in the balance sheet. As a result, Germany's national debt in relation to gross domestic product fell from 83.7 to 81.1 percent. In fact, the alleged 55.5 billion booking error is “only” a 24.5 billion booking error, as can be seen in the semi-annual report of FMS Wertmanagement. There it says on page 34: “The corresponding incorrect and non-netted comparative figures as of December 31, 2010 have been adjusted in the current account. This reduced the comparative figures for the items receivables from banks and liabilities to banks as well as the balance sheet total by EUR 24,466 million each. This did not result in any further effects on the asset position or the financial position and results of operations. ”The figure of EUR 55.5 billion comes from an answer of the Parliamentary State Secretary Hartmut Koschyk from the Federal Ministry of Finance of September 13, 2011 to a request from Member of the Bundestag Klaus Ernst (DOK 2011/0732902). In a preliminary estimate, the debt effect by FMS Wertmanagement for the full year 2011 is given as EUR 161 billion. In 2010 it amounted to 216.5 billion euros, the difference being the 55.5 billion euros that the “star” incorrectly labeled as a booking error or a calculation error.

After the Wirtschaftsprüferkammer had initiated professional proceedings against PwC , Der Spiegel reported on December 17, 2011, citing an audit report by the Bundesbank that a large part of the responsibility for the accounting error lay with the Irish HRE subsidiary Depfa . The management of FMS Wertmanagement and partly also the auditing company PwC would be relieved. At Depfa, certain claims and liabilities were wrongly not netted.

DEPFA processing

On May 13, 2014, FMSA and HRE announced in a joint press release that DEPFA Bank plc. in Ireland should be handled by FMS Wertmanagement. The inter-ministerial steering committee, which decides on the measures of the Financial Market Stabilization Fund (SoFFin), and the general meeting of Hypo Real Estate Holding AG (HRE) had to consider all options for the preparation of the takeover and liquidation of DEPFA Bank plc. (DEPFA) decided by the federally owned FMS Wertmanagement (FMS-WM). The transfer to FMS-WM takes place in accordance with the conditions that HRE had negotiated with the external bidder.

HRE acquired DEPFA in 2007. When the HRE Group found itself in a situation threatening its existence in the course of the international financial crisis in 2008, the Federal Republic of Germany stabilized the Group with liquidity guarantees and capital and took over it in full. In 2010, problematic and non-strategic DEPFA assets in the amount of approx. 131 billion euros were transferred to FMS-WM. Since then, DEPFA has almost halved its remaining core portfolio to 34 billion euros (December 31, 2013). DEPFA's portfolio mainly consists of positions with a good issuer rating (investment grade). As of December 31, 2013, DEPFA had total assets of 49 billion euros. FMS Wertmanagement took over Depfa Bank on December 19, 2014.

As a result of the resolution measures carried out in the 2019 financial year, the DEPFA Group's total assets were further reduced and complexities and concentration risks in the DEPFA Group's portfolio were further reduced. The DEPFA Group's total assets decreased by a further 6.5 billion euros to 8.9 billion euros as of December 31, 2019; the core capital ratio (CET 1 ratio) rose correspondingly to 152.3 percent at the end of 2019.

Web links

Individual evidence

  1. ↑ FMS Wertmanagement: Successful 2019 financial year . April 21, 2020, accessed on May 15, 2019 .
  2. ↑ Germany donates billions to Greece. faz.net, accessed September 12, 2014 .
  3. ^ Government bonds of HRE: Why Germany gave Greece billions. Retrieved September 12, 2014 .
  4. ↑ FAZ of 23 September 2014, p. 20: After the Greek debacle, Soffin's boss lost his passion.
  5. ↑ Three days in March . Time online. October 25, 2014.
  6. ↑ Bad bank does not have to fear proceedings . Handelsblatt. January 9, 2015.
  7. ↑ The “Bad Bank” of HRE reports a profit. faz.net , April 24, 2013, accessed May 22, 2013 .
  8. ↑ FMS Wertmanagement press release on the 2012 annual report. (No longer available online.) FMS Wertmanagement, April 23, 2013, archived from the original on February 21, 2014 ; Retrieved July 16, 2013 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / www.fms-wm.de
  9. ↑ FMS Wertmanagement achieved a positive result in 2013 as in the previous year. (No longer available online.) April 29, 2014, archived from the original on May 29, 2014 ; Retrieved June 9, 2014 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / www.fms-wm.de
  10. ↑ FMS Wertmanagement significantly increases settlement profit in the first half of 2014 . September 11, 2014. Archived from the original on November 12, 2014. Info: The archive link was automatically inserted and not yet checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / www.fms-wm.de
  11. ↑ FMS Wertmanagement achieved significantly higher results in 2014. (No longer available online.) April 21, 2015, archived from the original on May 18, 2015 ; accessed on May 9, 2015 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / www.fms-wm.de
  12. ↑ FMS Wertmanagement in the first half of 2015 with a run-off profit. September 9, 2015, accessed September 9, 2015 .
  13. ↑ FMS Wertmanagement delivers a positive run-off result in 2015 as well. Retrieved April 30, 2016 .
  14. ↑ FMS Wertmanagement continues to process successfully. September 14, 2016, accessed January 9, 2017 .
  15. ↑ FMS Wertmanagement with positive results for 2016 and progress in DEPFA processing. In: fms-wm.de. FMS Wertmamangement, April 5, 2017, accessed September 11, 2017 .
  16. ↑ FMS Wertmanagement again with positive half-year results. September 15, 2017, accessed January 8, 2018 .
  17. ↑ FMS Wertmanagement further reduces the portfolio and increases profits. April 10, 2018, accessed April 13, 2018 .
  18. ↑ a b FMS Wertmanagement: Successful financial year 2019. April 21, 2020, accessed on May 15, 2019 .
  19. ↑ Presentation of the annual press conference on April 21, 2020. April 21, 2020, accessed on May 15, 2020 .
  20. ↑ Hans-Martin Tillack: Huge risk of failure HRE rescue is even more expensive. Stern.de , August 3, 2011, accessed on May 22, 2013 .
  21. ↑ The federal government has to pay almost ten billion to "Bad Bank". (No longer available online.) ARD , July 3, 2012, archived from the original on July 4, 2012 ; Retrieved July 3, 2012 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / www.tagesschau.de
  22. ↑ Hans-Martin Tillack: Bad Bank of the HRE The 55 billion calculation error. Stern.de , October 28, 2011, accessed on May 22, 2013 .
  23. ↑ Incorrect booking at HRE: Bad Bank brings Schäuble billions of dollars. Financial Times Deutschland , Reuters , October 29, 2011, archived from the original on October 30, 2011 ; Retrieved May 22, 2013 .
  24. ↑ Semi-annual report as of June 30, 2011. (PDF, 837kB) (No longer available online.) FMS Wertmanagement, June 21, 2012, archived from the original on July 14, 2014 ; Retrieved May 22, 2013 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / www.fms-wm.de
  25. ↑ Auditors face professional consequences. (No longer available online.) Stern.de , afp , dpa , November 6, 2011, formerly in the original ; Retrieved May 22, 2013 .  ( Page no longer available , search in web archives )  Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice.@1@ 2Template: Toter Link / www.stern.de  
  26. ↑ 55 billion mishap: Irish HRE subsidiary to blame for calculation errors. Spiegel Online , December 16, 2011, accessed May 22, 2013 .
  27. ↑ Liquidation of Depfa Bank plc. by FMS Wertmanagement. (No longer available online.) May 13, 2014, archived from the original on May 18, 2014 ; Retrieved June 9, 2014 (joint press release from FMSA and HRE). Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / www.fmsa.de
  28. ↑ DEPFA BANK plc. December 19, 2014, accessed on January 9, 2017 (note on takeover on the website).
  29. ↑ FMS Wertmanagement: Successful 2019 financial year . April 21, 2020, accessed on May 19, 2020 .