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Press Releases

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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MünchenerHyp voted best Pfandbrief bank 2014

27.06.2014 - Münchener Hypothekenbank eG continues to enjoy a very good standing among its investors as reflected by the results of the “Best Borrowers Survey 2014,” a global survey conducted by “Euromoney”, a British trade publication.

The results of the survey of major customers of banks around the world ranked MünchenerHyp together with DNB, a Norwegian bank, as number one in the category “Covered Bonds & Pfandbriefe.” Both of the winners received far more votes than the third-ranked bank. MünchenerHyp came in third in the previous year’s survey.

“This outstanding result confirms MünchenerHyp’s high reputation among its investors. We are very pleased that we are perceived internationally as a solid and service-oriented issuer. We want to further perfect our high standards of customer care and service, said Dr. Louis Hagen, Spokesman for the Münchener Hypothekenbank’s Board of Management.

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MünchenerHyp successfully issues benchmark Mortgage Pfandbrief in lively market environment

16.06.2014 - Münchener Hypothekenbank eG successfully placed its first large-volume Mortgage Pfandbrief of 2014 in the capital market today.

The 10-year benchmark issue has a volume of € 500 million. Heavy investor interest led to a price of just 7 basis points above the mid-swap rate for the issue. This is the lowest premium paid for 10-year Pfandbriefe to date this year in the primary market.

“Even though there was a surprisingly high volume of new issue activity in the European bond market today, we were successful thanks to the solid reputation we have among investors,” said  Rafael Scholz, MünchenerHyp’s Head of Treasury.

Banks took 48 percent of the issuance volume for the largest share among investors followed by central banks with 27 percent and funds with 23 percent. As expected, the vast majority (80 percent) of the issuance volume was placed in Germany, followed by Austria and Switzerland (together 6.4 percent), Scandinavian countries (6 percent), Benelux countries (4 percent) and Asian countries (3.6 percent).

The transaction was accompanied by BayernLB, DZ BANK, Helaba, HSBC, UniCredit and WGZ Bank. The rating agency Moody’s has given its highest rating of Aaa to MünchenerHyp’s Mortgage Pfandbriefe.

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MünchenerHyp increases results and strengthens market position

02.04.2014 - Münchener Hypothekenbank posted notably higher results for the 2013 business year.

Net interest income less commissions improved by 20 percent over the previous year’s figure to € 94.3 million. Results from operations after making provisions for risk more than doubled to € 21.2 million while net income rose to € 6.7 million. “The results show that our growth strategy is gaining traction. We once again made significant progress towards realising our goal of sustainably strengthening MünchenerHyp’s earnings power," noted Dr. Louis Hagen, Spokesman for the Münchener Hypothekenbank’s Board of Management, during the Bank’s annual results press conference today in Munich.

The Bank’s successful new mortgage business was a key reason behind the improved results and has been sustainably expanded in recent years. New business results were again at a high level in 2013 despite the intensive competition in the property financing market. MünchenerHyp made € 3.6 billion in mortgage loans in 2013 even though the volume of new residential property financing business declined slightly to € 2.9 billion. “Currently we are seeing that competition in the residential property financing market is being increasingly driven by lending conditions. We are not, however, interested in growth at any price. Margins also have to be adequate,” said Dr. Louis Hagen. New business results recorded in the commercial property financing area of business rose by 12 percent to € 740 million. 

The Bank’s risk situation remained unchanged at a stable level. Provisions made for risk were at a low level.

During the previous business year MünchenerHyp was able to tap the capital market for refinancing funds at very favourable conditions. The Bank issued four large-volume Mortgage and Public Pfandbriefe over the course of 2013. Investor demand was very high for all of these issues. MünchenerHyp‘s high standing with international investors was underlined when the Bank was honoured with the Best Global Issuer prize of  Pfandbriefe and other covered bonds by “The Cover,“ an international financial magazine.

As of December 31, 2013 total assets had declined by € 1.7 billion to € 34.9 billion. The Bank’s portfolio of mortgage loans rose further by € 0.5 billion to € 21.5 billion, of which about three-quarters represent financing within Germany. The volume of outstanding loans with the public-sector and banks fell in accordance with the Bank’s business and risk strategy from € 12.1 billion   to € 10.3 billion.

As a result of its conservative business model, MünchenerHyp already has a very solid capital base today. At the end of 2013 the Bank’s core capital ratio increased substantially to 11.7 percent (previous year 9.1 percent), while the total capital ratio rose to 16.7 percent (previous year 13.5 percent). The common equity Tier 1 capital ratio at December 31, 2013 was 6.3 percent (previous year 5.0 percent).

MünchenerHyp will further strengthen its level of common equity Tier 1 capital during the current business year. As the Bank will supervised by the European Central Bank in the future, it hat to meet a common equity Tier 1 capital ratio of 8 percent as of November 2014. To achieve this the Bank is currently engaged in attracting additional paid up capital, especially from within the Cooperative Financial Network. The bank is striving to attain € 240 million in additional paid up capital, which includes creation of a buffer beyond the required 8 percent. “Due to the response we have seen thus far in the Cooperative Financial Network, we are convinced that we will achieve this goal in the coming months," stated Dr. Louis Hagen.

Based on the results of the successful business year, the Board of Management and the Supervisory Board will propose to the Delegates Meeting that a dividend of 3.25 percent per share be approved for distribution.

MünchenerHyp will continue on its growth course in 2014. “The business environment is right for us. Demand for property financing – both for residential and commercial property – is very likely to remain high. For this reason we are confident that we will be able to further expand our position in the market," said Dr. Louis Hagen. Furthermore, the Bank also intends to further improve its net income in 2014.

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