Annual Report 2010 - Muenchener Hypothekenbank eG

to reorganise our loan portfolio in the past year, we expect that there will be less need for specific provisions in the cur- rent financial year. on the refinancing side, the Pfandbrief will remain our most important instrument. We already began the new year on a favourable note by issuing a Jumbo Mortgage Pfandbrief in January. Based on our new business targets, we are confident that we will be able to take a further step towards strengthening Münchenerhyp’s sustainable earning power in 2011. Sincerely yours, dr. Louis hagen Bernhard heinlein Michael Jung 08 | 09 münchener hypothekenbank eg | annUaL report 2010 Letter from the board of management