$332 million recovered by AVAB

The Banking Assets Resolution Authority (AVAB)’s revenues in February were in excess of 9,000bn ROL (more than $332 million). Most of this amount was obtained in form of direct revenues (8,100bn ROL). AVAB also obtained more than 780bn ROL in indirect revenues. “The results show the collection of the obligations to the public internal debt has sped up, both by direct and indirect selling, due to the intensification and optimisation of our employee’s activity, as well as to the updating and modernisation of the legal framework,” the Authority says. The receivables taken over by AVAB total $3.7bn. Out of the total amount, $3.14bn account for banking receivables and $614 million account for receivables derived from loans secured by the Finance Ministry for the companies taken over by the Authority. ZF