Austrian Erste Group, which controls the Česká spořitelna, recognizes after three quarter loss of 920 to 970 million euros. This is due to the revaluation of debt securities affected countries European debt crisis and the revaluation of subsidiaries in Hungary and Romania. Without these measures should profit 700 million euros. Shares of banks on the Prague Stock Exchange in response to this report, fell 17.51 percent. For the whole of this year expects the bank as a result of these steps a net loss of approximately 700 to 800 million euros. Without these measures should gain 850 to 950 million euros.
Erste reduced its exposure to Greece , Portugal, Spain ,Ireland and Italy, from 1.9 billion euros at year-end 2010 to 0.6 billion euros at 30 September 2011. It also revalued to market value sales of credit insurance, the securities of CDS.
Erste also completely write off the company's value (goodwill), the Hungarian subsidiary of € 312 million before tax and create additional reserves and provisions for losses on loans and advances totaling 450 million euros.
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