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Geschäftsbericht 2011 englisch

28 Management Report – münchener Hypothekenbank eg l annual Report 2011 We voluntarily participate in the Basel Committee on Banking Supervision (BCBS) monitoring of Basel III, whereby all key fig- ures required under the future terms of Basel III are calculated several times a year. The insights gained from our participation make it possible to assess the effects of the future binding minimum standards before they become legal requirements and, if necessary, make adjustments as needed. Münchener Hypothekenbank's voluntarily participation enables it to contin- ually monitor all important key figures at this time and have them available to steer the Bank’s activities, thereby making it possible for the Bank to prepare early to meet the coming requirements. 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 amendments to or require- ments arising from the updating of MaRisk are noted, analysed without delay and then implemented. The modification of MaRisk dated December 15, 2010 was fully implemented prior to December 31, 2011. The new liquidity buffer demanded by capital market-oriented institutions is continually calculated and the required limits are observed. Currently, no set standards or guidelines exist for the various new requirements, such as the inverse stress tests or the cal- culation of the liquidity buffer. For this reason we will closely follow professional discussions and, in agreement with the supervisory authority, adjust our methods and processes accordingly as needed. Appointments The following changes took place in the Supervisory Board: Following twenty years of membership, His Royal Highness Duke Max in Bavaria, Deputy Chairman of Münchener Hypo- thekenbank’s Supervisory Board, stepped down at the end of his term of office following the close of the Delegates Meeting on April 16, 2011. The Chairman of Münchener Hypothekenbank’s Supervisory Board, Konrad Irtel, praised his extraordinary com- mitment and his merits. Duke Max in Bavaria was a member of several of the Supervisory Board’s committees including the Lending Committee, which he most recently chaired. The members of the Supervisory Board elected one of their colleagues, Michael Glos, a former federal minister, as the new Deputy Chairman of the Supervisory Board. The Delegates Meeting elected His Serene Highness Albrecht Prince of Oettingen-Spielberg as a new member of the Super- visory Board. Konrad Irtel, Spokesman of the Board of Manage- ment of the VR Bank Rosenheim-Chiemsee eG was re-elected as a member of the Supervisory Board by the Delegates Meeting. During their constitutive meeting held on April 16, 2011, the members of the Supervisory Board elected Konrad Irtel again as Chairman of the Supervisory Board. The close of the 2011 Delegates Meeting also marked the end of the term of office of delegates representing the members of the MünchenerHyp cooperative. The Supervisory Board and the Board of Management thanked the delegates for their work and support over the past five years, which contributed towards suc- cessfully steering the bank through turbulent times. A total of 52 delegates were elected directly after the Delegates Meet- ing, along with 10 alternate delegates. The list of the elected delegates is shown on page 90 of this annual report. Employees We further developed our personnel strategy last year to adjust to the demands posed by our growth path. The goal of our per- sonnel strategy is to win and retain the best employees, as well as to further develop the skills of all of our colleagues. Beyond this we are working on appropriate structures and processes that will enable us to utilise our existing personnel capacities even more effectively. The extensive project work – especially the efforts to attain authorisation and further extension of IRBA – clearly demonstrated how important it is to ensure that em- ployees can work at their optimal levels and at the same time reinforce their motivation and performance capabilities. In conjunction with these efforts we conducted a survey of new employees who joined the Bank during the past two years. The

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