Please activate JavaScript!
Please install Adobe Flash Player, click here for download
ePaper created 2014-04-15, 13:56:41 | version 1.30.00
Management report 25 million (previous year minus € 128 million). These include unre- alised losses of € 81 million (previous year € 202 million) stem- ming from securities issued by countries located on the periphery of the eurozone and banks domiciled in these countries. The total volume of these securities amounted to € 1.1 billion (previous year € 1.3 billion). Following a detailed examination of all securities we concluded that no permanent reductions in value were needed. We are carrying these bonds in our books with the intention of holding them until they mature. Therefore, write-downs to a lower ap- plicable value were not necessary. Our portfolio of long-term refinancing funds increased by € 0.4 billion to € 30.7 billion. Total refinancing funds – including mon- ey market – fell from € 34.8 billion in the previous year to € 32.7 billion as of December 31, 2013. This figure consisted of € 16.4 billion in Mortgage Pfandbriefe, € 6.4 billion in Public Pfandbriefe and € 7.9 billion in uncovered bonds. Paid up capital increased and rose by € 86.1 million to € 246.9 million as the result of a successful campaign to increase own- ership among our partners in the Cooperative Financial Network undertaken during the year under review. Due the increase in paid up capital our total liable equity also rose to € 1,250.6 million (previous year € 1,161.1 million). Core capital amounted to € 863.1 million (previous year € 776.5 million). The solvency figure for core capital on December 31, 2013 was 11.7 percent (previous year 9.1 percent) and 16.7 per- cent for total capital (previous year 13.5 percent). Development of earnings As anticipated, net interest income1 improved by 11.3 percent, or 14.6 million, to € 143.6 million and was driven by the success of our new business activities in recent years. This figure contains lower income derived from the early termination of interest rate swaps in comparison to the previous year. Commission paid amounted to € 61.0 million and were slightly higher than in the previous year as the volume of disbursements associated with our residential property financing business rose again. The net commission balance2 amounted to minus € 49.3 million following minus € 50.6 million recorded in the previous year as commission income rose by about € 2 million to € 11.7 million. Portfolio development MünchenerHyp 2008 – 2013 in € million 2008 2009 2010 2011 2012 2013 22000 20000 18000 16000 14000 12000 10000 8000 6000 4000 2000 0 18,458 16,005 16,684 20,986 19,409 21,522 Residential housing Germany Residential housing Switzerland Commercial property Germany / other property finance loans Commercial property abroad / other property finance loans 1) Net sum of interest expenses, interest income and current income 2) Net sum of commission costs and commission income