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ePaper created 2012-04-20, 15:08:32 | version 1.23.0
54 Management Report – münchener Hypothekenbank eg l annual Report 2011 management concept that will be continuously further devel- oped with the participation of all the players involved in the overall Bank management process. Based on current information, we do not anticipate that we will need to make greater provisions for risks in our lending business than we did during the year under review. However, we do not anticipate any reversal effects of the kind that led to a positive balance in 2011. Depending on the further development in Greece, there may be a need for additional write-downs. We are striving to achieve annual net profits for 2012 that will be higher than those recorded for the year under review.