Annual Report 2010 - Muenchener Hypothekenbank eG

minimUm reqUirements for risk management (marisk) The requirements for structuring a risk management system are defined by the federal financial Supervisory Authority in the MaRisk rules. The effects of, or amendments to, requirements arising from the updating of MaRisk are noted, analysed with- out delay and then implemented. The modifications of MaRisk dated August 14, 2009 were fully implemented. The amended version dated december 15, 2010 should be implemented as planned by december 31, 2011. We are already working on creating a liquidity buffer that is newly demanded for capital market-oriented institutes. appointments Prof. dr. Willibald folz’s term as Chairman of the Supervisory Board of Münchenerhyp ended at the close of the delegates Meeting on April 17, 2010. he stepped down from the Supervi- sory Board as of this date. The Supervisory Board elected one of their members as new Chairman: Mr. Konrad irtel, Spokes- man of the Board of Management of the vR Bank Rosenheim- Chiemsee eg. Mr. irtel thanked Prof. dr. folz for the great merits on behalf of Münchenerhyp over the many years in his responsible position. Newly elected to the Supervisory Board by the delegates Meet- ing were Mr. Wolfhard Binder, Chairman of the Board of Management of the Raiffeisen-volksbank Ebersberg eg, and Mr. Erich Rödel, who, due to age reasons, stepped down from the Board of Management of Münchener hypothekenbank at the close of the delegates Meeting. Mr. hans Pfeifer, Chairman of the Board of Management of the Rheinisch-Westfälischer genossenschaftsverband e.v. and Mr. hans-Joachim Tonnellier, Chairman of the Board of Management of the frankfurter volksbank eg were re-elected as members of the Supervisory Board. The following changes took place in the Board of Management: on April 17, 2010 the Supervisory Board appointed dr. Louis hagen as Spokesman of the Board of Management . Klaus Sturm, who as member of the Board of Management was primarily responsible for the Bank’s capital market business activities, stepped down from the Board of Management at the end of 2010 to retire from active business life. The Super- visory Board and Board of Management thank Mr. Sturm for his successful efforts, particularly in the area of Pfandbrief issues, which were highly sought after by investors, and his efforts to further strengthen Münchenerhyp’s good standing in the capital markets, especially during the crisis in the finan- cial markets. The Supervisory Board appointed Michael Jung as a full member of the Board of Management as of January 1, 2011. Mr. Jung resigned his mandate as member of the Supervisory Board of Münchener hypothekenbank upon the announcement of his appointment. Mr. Jung’s responsibilities are mainly focused on the areas of Transaction Management and iT. emploYees in addition to the adjustments we made to our business strategy, measures taken to reduce costs and increase efficiency, as well as the special demands posed by the introduction of iRBA and ifRS, the 2010 fiscal year was also marked by our personnel- related efforts. The aforementioned projects, in particular, placed heavy demands on our capacities during the year under review. The fact that Münchenerhyp was again able to grow and post favourable business results, despite these additional burdens, was only possible because of our employees’ strong commit- ment to the Bank and our good working atmosphere. further-