Annual Report 2010 - Muenchener Hypothekenbank eG

LETTER fROm ThE BOARd Of mANAgEmENT Dear shareholDers anD Business associates, The Board of Management of the Münchener hypothekenbank eg. from left to right: Michael Jung, dr. Louis hagen (Spokesman), Bernhard heinlein. during the past year, the property markets relevant to the business of Münchener hypothekenbank were in good shape, or at least showed signs of recovery. Above all, the german residential property market advanced at an encouraging pace. Long-term bUsiness strategy We took advantage of the opportunities arising from the im- proved market environment during the past year as we expanded our new business. in contrast to the previous year, the more sta- ble overall conditions allowed us to make longer-term strategic plans, which had been only possible to a limited extent during the crisis in the financial markets. during that time, our main focus was on coping with the extreme volatility and unpredict- ability in the property and capital markets in the short term and, above all, ensuring that we had the necessary level of li- quidity available. The business and risk strategy that we continued to develop during the past year is focused on long-term and sustainable growth. it includes an even stronger concentration on financing residential and commercial properties in germany.