Annual Report 2010 - Muenchener Hypothekenbank eG

more, the constructive and faithful cooperation of the works council and executive employees’ speakers committee also made major contributions towards our success. We would like to thank all of our employees, the members of the works council as well as the speakers committee for their commitment and hard work that made the Bank’s accomplishments in the past year possible. The average number of persons employed at Münchenerhyp during the year was 3661 plus 17 trainees. Münchenerhyp is known for having loyal employees who have been with the Bank for many years. The average number of years of employment is 11. Last year 14 employees celebrated their tenth anniversary with the Bank while six marked their 25th year with the Münchener hypothekenbank. 28 | 29 münchener hypothekenbank eg | annUaL report 2010 management report “We would like to thank our employees for their active commitment in a year that again placed major demands on our capabilities.” 1) Number of employees pursuant to Art. 267 § 5 german Commercial Code (hgB): excludes apprenticed trainees, employees participating in parental leave, partial retirement (non-working phase), early retirement, and employees suspended with pay.