AVAB collects $17m in three months

Banking Assets Resolution Authority (AVAB) collected nearly 600bn ROL (about $17 million) in Q1 this year, 56% more than scheduled. Under the circumstances, AVAB collected 9,369.08bn ROL ($342.2 million) from establishment until March 31, 2003. The Authority estimates to see banking receivables collection-related revenues worth 1,850bn ROL this year, 478bn ROL less than last year. AVAB’s 2003 S&R budget projects the revenues derived from receivables taken over from the Finance Ministry to go up by more than 400bn ROL, with total revenues on this segment estimated to reach 500bn ROL. AVAB’s total receivables amounted to $3.7bn ROL early this year, $3.1bn ROL of which accounted for banking receivables and $614 million accounted for the receivables over 23 companies that got state-secured foreign loans and failed to repay them. As regards the non-performing banking receivables portfolio, more than 60% of it is made up of debts provisioned by Bancorex and Banca Agricola. ZF