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Press Releases

High honours for Rafael Scholz, MünchenerHyp’s Head of Treasury, and the first issue of a sustainable Pfandbrief

30.09.2014 - Rafael Scholz, MünchenerHyp’s head of treasury, has been honoured with the Editor’s Choice Award given by The Cover, a British trade publication.
The Award is presented on an irregular basis for outstanding performance in the covered bond segment.

Rafael Scholz received the prize for the world’s first issue of a sustainable Pfandbrief (ESG Pfandbrief), which was successfully placed this month by MünchenerHyp. The issue generated great attention in the financial community and among investors focused on the concept of sustainability. The publisher of The Cover, Bill Thornhill, praised the ESG Pfandbrief as ground-breaking in the fast growing market for socially acceptable investments and paid tribute to Rafael Scholz as the architect of this issue.

“MünchenerHyp’s Board of management congratulates Mr. Scholz and all of the colleagues involved in the preparation and execution of this premiere issue. Their exceptional shared efforts made it possible to successfully venture into new territory”, said Dr. Louis Hagen, Spokesman for the Münchener Hypothekenbank’s Board of Management.

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Capital market premiere: MünchenerHyp issues the first sustainable Mortgage Pfandbrief

17.09.2014 - Münchener Hypothekenbank eG generated a notable excitement in the capital markets today when it issued the world’s first ESG Mortgage Pfandbrief (Environment, Social, Governance).

Coverage for the issue is based on sustainable ecological, social and political-socio criteria. The € 300 million issue was very successful and was oversubscribed by a factor of 1.6 within a short period of time.

“We are quite pleased by the market’s exceptionally favourable response to our premiere issue. At the same time it also reflects the important role that sustainability already plays today for investors in the capital market”, said Dr. Louis Hagen, Spokesman for the Münchener Hypothekenbank’s Board of Management. 

The sustainable Mortgage Pfandbrief has a term of five years and a coupon of 0.375 percent. Due to heavy demand the issue was priced 10 basis points below the mid-swap rate.

Germany accounted for more than 60 percent of the demand shown for the issue. Orders were received from 7 European countries while on the investors’ side, 47 percent, of the volume was acquired by banks. It was notable that about one third of the volume issued was purchased by sustainability-oriented investors. “The new issue enabled us to generate enthusiasm for the Pfandbrief among new investors and introduce them to MünchenerHyp”, said Rafael Scholz, MünchenerHyp’s Head of Treasury.

The issue was accompanied by Crédit Agricole, LBBW and WGZ BANK.

The rating agency Moody’s has given its highest rating of Aaa to MünchenerHyp’s Pfandbriefe. In addition, MünchenerHyp requested oekom research, a sustainability rating agency, to examine the sustainable merits of the issue. In their second party opinion oekom research stated that the Mortgage Pfandbrief did embody favourable sustainability and confirmed the issue’s social and ecological aspects.

MünchenerHyp will use the proceeds of the Mortgage Pfandbrief issue to refinance loans to cooperative home building associations in Germany that meet specific sustainability criteria. Cooperative home building associations promote the creation of affordable housing for broad segments of the population. The loans granted by MünchenerHyp will be used to purchase, build, or maintain housing that will be used by socially weaker members of society and will also be employed to renovate buildings to make them more energy-efficient. In total, the proceeds of the Pfandbrief will provide support to about 200 cooperative home building associations.

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MünchenerHyp records a strong first six months for 2014

26.08.2014 - Münchener Hypothekenbank eG stated today that it was very satisfied with the development of its business during the first half of 2014 as new business increased by 24 percent.

Up until June 30, 2014 the Bank had made € 2.1 billion in property loans (previous year € 1.7 billion). Earnings also improved substantially. Net interest income and net commission income rose by 13 percent to € 53.5 million. “We were able to further increase last year’s good results and are making good progress towards the planned increase of our earnings power“, said Dr. Louis Hagen, Spokesman for the Münchener Hypothekenbank’s Board of Management, during today’s announcement of the Bank’s first half year results.

MünchenerHyp was able to significantly expand its new business with all of its collaborating partners. The greatest gain was recorded for the Bank’s brokerage business with its partner banks within the Cooperative Financial Network. According to Dr. Louis Hagen, “This area of our business also benefited from the good overall conditions in the German residential property market, but above all from the sales strength and close customer proximity of our partners in the Cooperative Financial Network.”

The Bank’s commercial property finance business was at the previous year’s level with Germany the unchanged primary focus of its lending activities.

MünchenerHyp continued to be able to tap the capital markets for refinancing funds at very good conditions. In the spring the Bank placed a ten-year Mortgage Pfandbrief with a benchmark volume of € 500 million. Demand was very strong for this issue. In addition, MünchenerHyp was voted the best “Covered Bond & Pfandbriefbank 2014” in an international survey of major banking clients conducted by Euromoney, a trade publication.

The Bank’s risk situation in its property finance business remained very satisfactory. As of June 30, 2014 results from operations after making provisions for risk had risen by € 5.6 million over the same year-ago figure to € 16.7 million. After deduction of tax expenses MünchenerHyp recorded a pro rata temporis net income figure for the year of € 11.1 million (previous year € 5.4 million).

Total assets posted at mid-year amounted to € 35.7 billion or € 0.8 billion more than the figure noted at the close of 2013. Due to the favourable development of its new business activities the Bank was once again able to expand its mortgage portfolio, which grew to € 22.2 billion in the first half of the year following € 21.5 billion recorded on December 31, 2013. The Bank’s portfolio of securities generated by its capital markets business declined further as planned and at the mid-year point amounted to € 9.9 billion in contrast to the € 10.3 billion noted at the end of 2013.

As of November 2014 MünchenerHyp will be placed under the direct supervision of the European Central Bank (ECB) as the value of its total assets exceeds €30 billion. MünchenerHyp increased its capital resources substantially during the first half of 2014 as part of its efforts to fulfil the ECB’s supervisory requirements. The Bank achieved this by successfully attracting about € 370 million in additional paid up capital from the Cooperative Financial Network and an additional € 30 million from its private members.

On June 30, 2014 MünchenerHyp had a common equity Tier 1 capital ratio of 11.1 percent following 6.3 percent recorded at the end of 2013. This figure significantly exceeds the 8 percent minimum ratio required by the ECB. During the same period the Bank’s core capital ratio grew from 11.7 percent to 14.4 percent, while the total capital ratio increased from 16.7 percent to 18.6 percent. “In our view, with this level of equity capital we are sufficiently capitalised and well prepared to meet the coming regulatory requirements. We also intend to continue our successful growth strategy based on this foundation“, said Dr. Louis Hagen.

Despite the heavy burdens created by the current ECB review, MünchenerHyp intends to continue the success it has experienced in the first six months of the year and is striving to achieve a higher volume of new business especially in its residential property financing area of business than it recorded in the previous year. “We continue to expect to see high demand for property financing, especially in Germany, as overall conditions in the property market remain favourable”, remarked Dr. Louis Hagen. The Bank also anticipates that it will be able to increase its net income for the year.

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Dr. Peter Ramsauer elected member of MünchenerHyp’s Supervisory Board

17.07.2014 - Dr. Peter Ramsauer has been appointed a new member of the Supervisory Board of Münchener Hypothekenbank eG after being elected at the Bank’s Delegate’s Meeting.

Dr. Peter Ramsauer is a member of the German Bundestag and the former Federal Minister of Transport, Building and Urban Affairs. He has been the Chairman of the German Bundestag Committee on Economic Affairs and Energy since January 2014.

“We are pleased that Dr. Ramsauer is joining MünchenerHyp‘s Supervisory Board and will contribute the proven expertise he has acquired during his personal life and his professional experiences,” said Konrad Irtel, the Chairman of MünchenerHyp’s Supervisory Board.

Michael Glos, the former Federal Minister for Economics and Technology, stepped down as member of MünchenerHyp‘s Supervisory Board at the end of his term of office due to age reasons. Michael Glos had been a member of the Bank’s Supervisory Board for a total of 17 years, including numerous years as Deputy Chairman. Konrad Irtel thanked Michael Glos his dedicated service: “Mr. Glos has rendered outstanding service to MünchenerHyp and we have benefited greatly from his personality and his entrepreneurial expertise. “

The members of Münchener Hypothekenbank‘s Supervisory Board are as follows: Konrad Irtel (Chairman), Spokesman of the Board of Management of the Volksbank Raiffeisenbank Rosenheim-Chiemsee eG, Wolfhard Binder, Chairman of the Board of Management of the Raiffeisen-Volksbank Ebersberg eG, Heinz Fohrer, Member of the Board of Management of the Volksbank Esslingen eG, Jürgen Hölscher, Member of the Board of Management of the Volksbank Lingen eG, Rainer Jenniches, Chairman of the Board of Management of the VR-Bank Bonn eG, HSH Albrecht Prince of Oettingen-Spielberg, Dr. Peter Ramsauer, MP, Erich Rödel, former Chairman of the Board of Management of Münchener Hypothekenbank eG, Kai Schubert, Member of the Board of Management of the Raiffeisenbank Südstormarn Mölln eG.

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MünchenerHyp strengthens its capital resources in preparation for ECB supervision

15.07.2014 - Münchener Hypothekenbank eG has significantly improved its own capital resources by raising about € 400 million of common equity Tier one capital during the first six months of this year.

The capital was raised within the framework of a broadly based effort to attract additional paid up capital from within the Cooperative Financial Network. As a result, the Bank’s common equity Tier one capital ratio rose substantially to 11.1 percent as of June 30, 2014 from 6.3 percent recorded at the end of 2013.

“We are very satisfied with the results of our efforts to attract additional capital. The response among the cooperative banks and companies within the Cooperative Financial Network was tremendous. The solidarity seen within the Cooperative Financial Network and the collegial support we received, especially from the associations, was impressive,” said Dr. Louis Hagen, Spokesman for the Münchener Hypothekenbank’s Board of Management.

The efforts were primarily aimed at banks within the Cooperative Financial Network; MünchenerHyp enjoys very close ties with these banks as they share the same legal status as cooperative banks as well as membership in the Cooperative Financial Network. In addition, MünchenerHyp was very successful in attracting capital from its private members.

The background of the Bank’s successful efforts to increase its capital is that as of November 2014 MünchenerHyp will be placed under the direct supervision of the European Central Bank (ECB). This change will result in new regulatory requirements, especially rules concerning the level and granularity of the Bank’s capital resources including a minimum common equity Tier one capital ratio of 8 percent. The ECB only announced its exact requirements at the end of October 2013, which left the Bank with just a very short time to prepare and carry out its efforts to increase its paid up capital.

In view of the ECB’s Asset Quality Review in the spring of 2014 and the stress test, the Bank initially aimed to increase its common equity Tier one capital ratio to 9 percent to have a prudent capital buffer that exceeded the ECB’s requirements. The results of the Bank’s capital-raising efforts, which ended as planned at the end of June, significantly exceeded the target. 

Dr. Louis Hagen further noted that “we view the upcoming results of the stress test and the Asset Quality Review with confidence. I am certain that we are now well prepared to fully meet future supervisory requirements.“ It is anticipated that the ECB will announce these results in the fall of 2014.

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