Please activate JavaScript!
Please install Adobe Flash Player, click here for download

Geschäftsbericht 2011 englisch

10 Gratitude for dedication and collaboration Once again, our employees showed extraordinary dedication for their MünchenerHyp last year. We would like to thank all of them for their special achievements. The support and advice we received from our committees was also very valuable for us in a difficult banking year. We are also grateful for the con- structive collaboration shown during the year. We would also like to thank our members for the trust they put in us, even during these times. Thus, paid up capital rose by € 7.3 million to € 158.9 million. Growth course will be continued Despite the sovereign debt crisis and its considerable effects on our Bank, we can look back at a successful year of business operations in 2011. The unbroken high demand for property financing experienced by our Bank, the high standing of our Pfandbriefe among investors, and our members’ trust in us strengthen our determination to stay on our course. We will further deepen the close and trustful collaboration with our partners in the Volksbanken Raiffeisenbanken Cooperative Fi- nancial Network. It would be desirable to see a calming of the sovereign debt crisis. We are confident that we will achieve satisfactory business results, even in the face of the currently adverse overall conditions. Sincerely yours, Dr. Louis Hagen Bernhard Heinlein Michael Jung Letter from the Board of Management – münchener Hypothekenbank eg l Annual Report 2011

Pages