On February 6, 2023, there was a magnitude 7.8 earthquake that hit Turkey and Syria. This lead to thousands of buildings in the southern provinces of Turkey and northern parts of Syria to collapse with a significant loss of life recorded.
A few of our customers have part of their assets in the wider area affected by the earthquake, but preliminary assessment did not result in the need to a reclassification of our credit risk. Monitoring of potential future impact will be a key point of attention in the first half of 2023.
FMO has both debt and equity exposures in Turkey with net carrying amounts of € 401 million and € 58 million respectively on February 28, 2023. FMO has no exposures in Syria. This is a non-adjusting subsequent event for FMO.