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OVM: J. Procházka: EGAP’s 2014 loss at billions of CZK

Last year, Exportní garanční a pojišťovací společnost (EGAP) posted a loss of billions of CZK, EGAP’s CEO Jan Procházka said on Czech Television’s debate, Otázky Václava Moravce (OVM). He added that last year, the company had insured exports worth CZK 47.5bn, down by CZK 16bn compared to 2013. The results reflect mainly the situation in Ukraine and Russia. The interest in Russia has been falling for a long time, Procházka said. The loss also reflected cases from the past. EGAP will cover the loss from its own sources. EGAP has the obligation to have balanced results in a 20-year cycle. The company expects to have balanced results in two to three years, Procházka said.

Source: www.cianews.cz