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24 Management report – münchener Hypothekenbank eg l annual report 2013 took advantage of very good overall conditions to launch our first ever benchmark issue denominated in British pounds dur- ing the same month. The 3-year Mortgage Pfandbrief initially had a volume of 200 million GBP, however, in view of strong demand the issue was tapped by an additional 100 million GBP shortly thereafter. This issue was followed in June by a 15-year, € 500 million Mort- gage Pfandbrief. With this issue we again successfully entered new territory, and this time regarding the terms to maturity for a benchmark issue. Due to unbroken strong demand for this issue it was tapped twice over the course of the year and cur- rently has a nominal volume of € 1 billion. In October we closed out our large-volume issues for the year with a € 500 million 5-year Public Pfandbrief that was tapped by an additional € 125 million shortly after it was issued. Our issues are well diversified thanks to our broad base of inves- tors in Germany and abroad. Regional emphasis is generally on investors in Germany, who absorb 50 to 60 percent of our issued volumes. In comparison to the rest of the market this figure is more on the low side. In contrast, the UK was clearly the main investor region for our GBP Mortgage Pfandbrief. About 60 percent of our uncovered refinancing requirements were met within the Cooperative Financial Network. The Bank’s high standing among Pfandbrief investors was un- derlined in 2013 when we won two renowned awards at “The Cover Awards” as the “Best Global Issuer” and “Best Euro Issuer”. We also came in second in the “Euro Deal of the Year” category. These awards are based on votes submitted by market partici- pants and show that the market views us as a very solid and safe bank. We believe that this is based on the close and contin- uing dialogue we maintain with our investors and capital market partners, as well as the quality of our cover pools and the fact that we are firmly embedded in the Cooperative Financial Net- work. In 2013 we obtained € 7.6 billion in refinancing funds via the capital markets with the primary focus placed on covered issues: € 4.4 billion in Mortgage Pfandbriefe and € 0.9 billion in Public Pfandbriefe. We also issued € 2.3 billion in uncovered securities. Inflows of € 7.2 billion from maturing securities resulted in net sales of € 0.4 billion. Balance sheet structure As of December 31, 2013 total assets amounted to € 34.9 billion following € 36.6 billion recorded on the same year-ago date. During the course of the year we were able to again increase our portfolio of mortgage loans by € 0.5 billion to € 21.5 billion despite the shrinking volume of US commercial property loans on our books. The vast majority of loans in our portfolio were for domestic financing while the share attributable to foreign loans remained at the previous year’s level. Foreign lending to- talled € 5.0 billion (previous year € 5.9 billion) and now repre- sents 23 percent of our total mortgage lending portfolio (pre- vious year 29 percent), of which Swiss residential property loans represent 62 percent, 15 percent for the USA and 23 percent for countries within the European Union. “Our portfolio of mortgage loans rose further to a total of € 21.5 billion.” In accordance with our business and risk strategy, we further reduced our portfolio of loans and securities arising from our business with the public-sector and banks from € 12.1 billion to € 10.3 billion, of which € 4.5 billion represented securities and bonds. At the end of 2013 the net sum of unrealised losses and unre- alised gains in our securities portfolio amounted to minus € 46 Earnings, Financial and asset situation