Geschäftsbericht 2012, englisch

Letter from the Board of Management – münchener Hypothekenbank eg l Annual Report 20126 Letter from the board of management The Board of Management of the Münchener Hypothekenbank eG. From left to right: Michael Jung, Dr. Louis Hagen (Spokesman), Bernhard Heinlein We look back upon a banking year that was once again uneven and volatile. In addition, 2012 also showed that the course we set for MünchenerHyp in recent years – expansion of our mar- ket position and sustainable development – was right as we decisively moved ahead. The European sovereign debt crisis again remained the key fac- tor influencing developments in the capital markets in 2012. Fortunately, this had a significantly lesser effect on our Bank than in the previous year. We completely divested all of our Greek investments during 2012. Our investments in the other peripheral eurozone countries are relatively manageable. Fur- thermore, we are continuing to reduce these holdings. Despite the ongoing difficult situation in the peripheral states, we an- ticipate that the political and monetary measures taken by European Union bodies and the European Central Bank will al- low the eurozone to avoid serious consequences. Driven by the prevailing uncertainty caused by the sovereign debt crisis, investors and individuals continued their search for Dear shareholders and business associates,

Geschäftsbericht 2012, englisch

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