Erste announced a number of measures that affect the presentation of its CDS portfolio, its Hungarian and Romanian operations, and result in the uniform application of the effective interest rate method across the group. It said the extraordinary measures are estimated to have a total post-tax impact of EUR1.58 billion on the income statement for the first nine months of 2011, leading to a loss of about EUR920-EUR970 million.
At around 11:22 local time, the Bucharest bourse’s BET index was down 2.5% from Friday’s closing level, while the general index BET-C was losing 1.7%.
BET-FI, which tracks Fondul Proprietatea (FP.RO) and the five regional investment funds (SIFs), was down 1.3%, while the extended blue-chip index BET-XT was losing 2.2%. The energy stocks tracker BET-NG was down some 1.8%.
The traded values were higher than in the last sessions, standing around 10 million lei (EUR2.3 million) by 11:25.
The financial stocks were the most traded in the first hour of the session, with Proprietatea and the SIFs leading the charts alongside Erste. (EUR1=RON4.3146)