44m euros recovered by AVAB

The Banking Assets Resolution Authority (AVAB) logged 1,634bn ROL (43.8 million euros) in revenues in H1, this year, up 27.3% since the year-ago period. The bulk of revenues was made in the second quarter, given that AVAB posted 500bn ROL revenues in Q1. Out of the over 1,600bn ROL, more than 1,000bn were derived from selling banking assets, while another 222.1bn ROL ($6.8 million) account for the Sinaia-based Mara Holiday Inn Resort receivables. The rest of the revenues were derived from turning the receivables transferred from the Finance Ministry into cash and from a number of indirect sales. The institution spent 82.8bn ROL in the above-mentioned period, compared to 113.1bn ROL as initially anticipated. Nearly half of the funds (56.3bn ROL) were allocated by AVAB for personnel expenses. The Authority also announced on Wednesday it had been granted writs of execution in court, which it would use to collect the debts worth $2.7 million and 382 million ROL from 11 bankrupt companies by taking the money from the personal wealth of the administrators of those entities. ZF