Subsequent events

On February 24, 2022 the Russian Federation started to invade Ukraine. The move followed shortly after Russian President Putin recognized two Eastern-Ukrainian provinces as independent states and invaded those areas for a “peacekeeping” mission. FMO has been mostly active in Ukraine for decades. FMO’s exposure to Ukraine is around €200 million with fourteen customers. This exposure is includes loans to private sector (~56%), equity investments (~37%) and guarantees (~7%) with fourteen customers. Moreover, FMO has an exposure via debt funds for €14 million. 

In addition, exposure to Belarus is around €20 million, largely related to equity investments. In an adverse scenario, FMO would have to write - off the full exposure resulting in maximum exposure loss and capital ratio will be impacted, however would remain sufficiently above regulatory requirements. Impact on FMO's liquidity position is expected to be limited. Refer to Risk Management Chapter under Concentration Risk section for more details.

There have been no other significant subsequent events between the balance sheet date and the date of approval of these accounts which would be reported by FMO.