Established in 2009, Erste Abwicklungsanstalt (en: First Winding-up Agency, EAA) is a structurally and financially independent public law entity and is not a credit institution. EEA' task is to take over and wind up WestLB's (since 2 July 2012 Portigon AG) assets and risk exposures with minimal losses.
EAA Covered Bond Bank plc is rated by Moody's. Long-term credit rating assigned to the bank by Moody's is Aa1 (high grade).
EAA Covered Bond Bank plc participates in the deposit guarantee scheme of Ireland. This deposit guarantee scheme applies to any credit balance on an account with a bank made by natural persons, small companies and covers up to up to 100,000 EUR per bank per depositor. EAA Covered Bond Bank plc is a member of Irish Deposit Guarantee Scheme (DGS) and makes its contributions into it.
EAA Covered Bond Bank plc is headquartered in Dublin.